overview video
investment highlights
- TWO FACILITY PORTFOLIO WITH REGIONAL SCALE // Combined 367 units and 34,000+ NRSF across Lugoff and Winnsboro, South Carolina which are about 30 miles apart.
- HIGH VISIBILITY LOCATIONS WITH STRONG TRAFFIC // Lugoff fronts Main Street near Highway 601, benefiting from strong traffic counts of 13,958 vehicles per day. Winnsboro fronts US Highway 321 Bypass near Monjicono Road with additional traffic exposure of 2,443 vehicles per day.
- BOTH SITES ARE POSITIONED NEAR MAJOR COMMUNITY ANCHORS // The Lugoff facility sits by Gates Village, a new D.R. Horton residential development, and is less than a mile from Lugoff Elgin High School. The Winnsboro facility is located just south of Fairfield Central High School and Middle School, with national retailers (McDonald’s, Bojangles) nearby.
- MEANINGFUL LEASE UP AND RATE GROWTH UPSIDE // The portfolio physical occupancy of around 72 percent provides immediate revenue growth potential with a day one 6.3 percent all cash return, and a path to enhanced performance through stabilization.
- ATTRACTIVE FORWARD LOOKING RETURNS // Achieving $0.87 rents within 24 months supports a projected 8.5 percent pro forma cap rate.
- PORTFOLIO POTENTIAL // This offering is part of the Storage Plus and Top Lock Storage 5 State – 25 Property Portfolio, but can be purchased individually.
property summary
The Top Lock Self Storage of Lugoff/Winnsboro Portfolio consists of two self-storage facilities situated about 30 miles apart in Lugoff and Winnsboro South Carolina. The properties combine to 367 units and over 34,000 NRSF. Included in the unit mix are retail buildings at each location. Both assets have crushed asphalt driveways, wood framing, and concrete siding exteriors.
The Lugoff facility is in a busy area fronting on Main Street less than 1,000 feet from the intersection of Highway 601 and sees traffic counts around 14K per day. The facility benefits from two nearby economic drivers. Top Lock Self Storage of Lugoff sits in the shadows of Gates Village which is a new D.R. Horton residential neighborhood that is just west of the property. Also, Lugoff-Elgin High School is approximately ¾ of a mile from the facility. There is a dry cleaner that currently leases the retail space at the front of the property.
The Winnsboro asset fronts on US Highway 321 Bypass with traffic counts on nearby Monjicono Road roughly 2,500 per day. There is an onsite office and a 1050 square-foot retail space on the property. The facility sits just south of Fairfield Central High School and Middle School and there are several national retailers such as McDonald’s and Bojangles nearby.
The physical occupancy of the portfolio is around 72 percent which provides upside in gaining occupancy while still offering a 6.3 percent day one all cash return. By achieving $0.87 rents within 24 months an investor could see an end of year 4 proforma cap rate at 8.5 percent.
