Harbor Lake Self Storage
– 8.60% Cap Rate
– 41,025 Net Leasable Square Feet
– Goose Creek, South Carolina
Harbor Lake Self Storage originally opened its doors in 1988 and currently enjoys a steady 78% occupancy. Comprised of 344 units spanning 2.39 acres and seven buildings, the facility has performed consistently year-over-year, with little to no change in management, marketing or advertising. In addition, there is great upside potential through rental increases as well as other various capital improvements on site.
Harbor Lake Self Storage is conveniently located a half mile from the entrance to the US Naval Weapons Station. Alongside of its impeccable location to the US Naval Weapons Station, the facility sits directly off of Red Bank Road (a major thoroughfare in Goose Creek) and is easily accessible from Interstate 26.
The city of Goose Creek rests between Charleston and Summerville, SC, and is an increasingly popular destination as the low country continues to expand. While the rest of the country saw a population growth of only 2.4% on average, the Charleston MSA saw a growth of 7.2%! With major employers such as the surrounding military bases, Boeing, and MUSC, Goose Creek and the surrounding area will continue to see promising growth and development for years to come.
Update: The facility closed on January 13th, 2015