7738 Highway 493 - Hwy 493 Self Storage

Marcus & Millichap is pleased to present Hwy 493 Self-Storage located at 7738 MS-493, Meridian, MS 39305. Hwy 493 Self-Storage offers 78 non-climate-controlled units within 12,000 net rentable square feet.

Amenities at Hwy 493 Self Storage include a new Arlo Camera System, new Lighting and new gravel at the facility. The facility is currently 92% physically occupied while just 68% economically occupied. An investor will be able to enjoy immediately cash flow while implementing a management software in order to capitalize on below market rents, implementing late fees, admin fees and tenant insurance as well as increasing the economic occupancy to stabilization. By doing this an investor will be able to achieve a 8.65% cap rate and 11.41% cash on cash return at stabilization and a year two cap rate and cash on cash return of 10.04% and 16.97%. The facility is located off of Highway 493, a major state highway which can offer good visibility and accessibility for potential tenants. Meridian, MS is positioned at the intersections of
several major highways, including I-20 and I-59. Meridian, MS is home to Meridian Community College offering a diverse array if academic programs spanning from business, healthcare, technology, and liberal arts. The largest and most predominant employers that drive the economy and job market in Meridian, MS are Rush Health Systems, Anderson Regional Medical Center, Peavey Electronics, Meridian Community College as well as Mississippi State University – Meridian.
Hwy 493 Self-Storage is being offered at $530,000 or $44 per net rentable square feet. This opportunity offers an investor the ability to acquire a cash flowing facility with below market rents and great upside in management.