Elizabeth City Self Storage

About the Property

Purchased in December, 2022
When purchased, the facility featured 125 storage units
The facility was most 10×10 storage units with some 5x10s and 10x20s
Facility was well kept but had well below market rates
Storage Units in Elizabeth City NC seemed hard to come by with most facilities full in area
Facility was gated with security cameras
Plenty of room behind existing storage units for future growth

Property Improvements

The existing fence at this storage facility was run down and in need of replacement. Upon acquiring this facility, we installed a new front fence to enhance safety and help make the property stand out. The existing gate required manual opening and closing daily. To help enhance the tenant experience and bolster security, an automatic gate was installed with Easy Storage Gate Software. Each tenant is given a unique gate code upon renting a storage unit, allowing for 24/7/365 access to the facility.

Additional gravel surrounding each storage unit has been added to make for easy move-in. Although this facility already had security cameras in place, we’ve added additional surveillance providing more views of the facility. The advanced technology of our new surveillance system requires internet access, which allows security cameras to stream footage to the cloud. In the unlikely event of a security concern, we have accessible security footage available from anywhere.

The back of the property was completely unutilized before we took ownership. The land in the back usually was wet from water. We had tons of crushed gravel added to entirely fill the back portion of the property. This crushed gravel will keep the land dry and allow us to add storage containers and relocatable storage units to the available space.

Expansion & Storage Unit Mix

We decided to take a different approach to expansion with this property. Instead of the typical construction of new storage units, we decided to add storage container and relocatable storage units. We came to the conclusion that these units would be a lot less expensive and still add the same amount of cash flow. The storage containers are considered “one trip”, which means they came directly from China. They are brand new units that are perfect for contractors, businesses, and people needing a lot of space to store their belongings. In some areas storage containers rent better than the regular units.

The relocatable units are nice as well. They are available in 5×10, 10×10, and 10×20 sizes. The relocatable storage units are perfect for this property as they add a different unit mix from the storage containers, which are 8x20s. Between the storage containers and the relocatable storage units, approximately 100 storage units will be added to the facility.

With strong demand in the area, we expect to fill these units rather quickly.

Location of Facility

Elizabeth City Self Storage is located on Landfill Road in Elizabeth City, NC (Pasquotank County). Situated next to a county landfill, this storage facility is located in the largest city within Pasquotank County. The population of Elizabeth City, NC, has remained stable over the last couple of years, with approximately 19,000 residents.

Elizabeth City Self Storage is just minutes from the major roadway, Highway 17. Highway 17 connects Elizabeth City to Edenton. Due to lower prices, this storage facility attracts many tenants from the Virginia Beach area. Elizabeth City Self Storage is located approximately one hour south of Virginia Beach, VA.