A 120-unit self-storage property in Maynardville, Tenn., has been sold for $505,000.
County Line Storage is a 120-unit facility at 211 Maynardville Highway. New owner Jay Gulledge, of Knoxville, said the deal also included a 1,500-square-foot office-warehouse that is leased to the former owner for a separate business.
“They were planning to vacate, but one of my biggest concerns was being able to lease out that building,” Gulledge said. “I got them to agree to a one-year lease to get the cap rate up.”
The self-storage units are currently 80 percent occupied, but Gulledge is hoping to boost the occupancy over the coming months.
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