Anderson Lock Storage which consists of 92,767 NRSF of storage and warehouse space, has seen some impressive upgrades over the last few years. Current owners have successfully renovated the buildings and improved management of the business and despite the CAPEX and management improvements that have already been implemented, this property has plenty of upsides remaining for an investor to acquire a strong value- add investment.
Anderson Lock Storage consists of 708 non-climate units in addition to 4 climate-controlled warehouse units that sit on the parcel adjacent to the property. The property has seen upgrades including 400+ new unit doors, new fire extinguishers, septic, LED lights, security surveillance, and brand-new metal roofs.
The property is 92% full and is still 38% economically vacant. The occupancy alone boasts an immense amount of upside both internally and externally through rate management. The property has a vacant warehouse shell that can be converted to storage and some additional land to add storage on the adjacent parcel, which presents even more upside for an investor to expand. Lastly, the billboard on the property, as well as a vacant and rentable apartment on-site, bring even more opportunities for an investor to increase revenue.
Property Name: Anderson Lock Storage
Address: 862 Hwy 28 Bypass, Anderson, SC 26925
Total Land Area: 6.49 Acres +/-
Total NRSF: 92,767 NRSF
Total Units: 712
Unit Sizes: 25-3200 SF
Physical Occupancy: 92%
Economic Occupancy: 62%
Non-Storage: On-Site Apartment (Currently Vacant)