Remarks

Looking to invest? Income-producing turnkey storage unit business for sale in Union City, Tennessee! Operating business is being offered at only $215,000 with a current potential gross annual revenue of $31,920. Spanning 2 parcels on 1.45 commercial city acres, the property has a total of 285 feet of road frontage between the frontage and rear streets. Property contains a 240 square foot wired office building with security cameras, DVR, and air conditioning. Two buildings each contain 22 storage units for a total of 44 units. 8 of the units are 5x10 and rent for $40 per month. 36 of the units are 10x10 and rent for $55 per month. There are four 20 foot cargo containers (not included in the listed square footage) that each rent for $90 per month. The gross currently with 80% occupancy is $24,240 annually with $5590 in annual expenses for a cap rate of a little under 9%. At full occupancy, the potential cap rate at this price point would be over 14%! Lots of room for improvement! Additionally the property has 4 rentable RV/camper/boat parking spots and space for 88 additional storage units. Loaded with opportunity! Units are managed through a software called Unit Tracs with online pay. The established website is www.unioncitystoragellc.com. There is an abandoned smokestack at the rear of the property that would be prime real estate for advertising banners or for local artists to use it as a vertical canvas as seen in many Milano, South Carolina, NYC, and Finland. There are 10,954 residents in Union City in the 2023 US Census report and of those, 47% are tenant-occupied rentals. Don't miss out on this rare opportunity! *Please note that updates were made to the listing on 1/22/2025.

Details

MLS#: 2500249
Price: $215,000

Style: Business
Sq Ft: 4240
Year Built: 2022

County: Obion
Lot Size: 435x165 IRR
Tax Fee: 1851.1099999999999