Golden Corners Self Storage at 101 Little Ponderosa Road

Grandstone is pleased to present Golden Corners Self Storage, a well-established facility in Seneca, South Carolina, with significant upside potential. The property offers 32,500 net rentable square feet, consisting of 152 non-climate-controlled units, 20 covered parking spaces, and 33 outdoor parking spaces. Built in 2004, it sits on 10.15 acres and is currently 78.33% physically occupied and 56.49% economically occupied, offering room for growth in both occupancy and rental rates.

When acquired in April 2022, the facility was poorly managed. The previous owner occupied a large portion of the units and had agreements with the new owner to vacate slowly but did not honor the agreement, leading to high vacancies. Additionally, a large parking area was filled with construction debris, preventing its use for nearly a year, further affecting revenue.
Since the purchase, the owners have reduced the rate gap, with much of the remaining difference from older leases, leaving room for future increases. Capital improvements, including parking, security upgrades, and signage, have been made but not fully utilized.
Golden Corners offers a strong value-add opportunity to increase revenue by improving operations, raising rates, and filling vacancies. The surrounding market is strong, with a 5-mile radius boasting an average household income of $118,339 and a 6.05% projected population growth over the next five years.