1000 Ashley Wade Ln
Chapel Hill, NC 27516

This Chapel Hill self-storage investment and development opportunity enables an investor to purchase an existing income generating property in Orange County, North Carolina. The facility is comprised of both climate and non-climate controlled storage, as well as warehouse/flex space, and is conveniently located on Highway 15-501 just south of UNC. Starpoint Storage Park is listed at $2,875,000. However, the true upside to this project is the ability to develop an additional 48,000 square feet and convert existing warehouse space to high profit self-storage. As noted above, the property is located in Orange County, North Carolina, a county well known for very restrictive regulations on new development. The current owner has obtained preliminary Council approval to add 48,000 square feet to the facility. This would be accomplished by replacing four 1-story buildings with two new 3-story buildings, each containing 36,000 square feet. The facility is located in a high growth corridor, with numerous planned communities being developed in the vicinity. Chatham Park, a 7,000 acre, 22,000 home development, and 13,000,000 square feet of research space,is the largest community and is located just south of the Starpoint Storage Park facility. Obey Creek, another planned community, is projected to add up to 800 additional new homes, located just across the street from Southern Village, only one mile from Starpoint. As evidence of the impending growth in the area, in 2013 Wal-Mart opened a Super Center within 2,000 feet of the facility, driving retail, office and industrial development within a five mile radius. The facility was purchased by the owner/developer in 1989, and consisted of four 1-story 6,000 square foot warehouse buildings. Immediately after closing sale, three of the buildings were redeveloped into 2-story buildings containing climate and non-climate controlled storage buildings (at the time a new concept). Later, in 2004, a four story 12,800 square foot building was added, followed by a 4 story building consisting of 28,000 square feet in 2006. Presently, the facility encompasses 83,000 square feet situated on6.45 acres, with an additional 1.25 acres available on 15-501 and Smith Level Road.