ModBox Storage

Investment Overview

Lee & Associates is pleased to present ModBox Self Storage, a value-add investment opportunity at 124 Patrick Road in Gastonia, North Carolina. Situated on 4.88 acres, the property offers 39,875 net rentable square feet and 270 total units across a diversified mix of climate-controlled storage, drive-up storage, covered boat and RV storage, paved parking, and commercial space. A fully occupied, 2,500-square-foot commercial unit contributes $31,200 in annual rental income. With 72.35% physical occupancy, ModBox offers investors existing income with meaningful upside through lease-up and rental-rate optimization. The surrounding market features a 2025 population of 70,097 within five miles and a median household income of $99,451 within three miles. Supported by projected population growth, this offering presents an attractive opportunity to build occupancy and strengthen operating performance across multiple revenue streams.

Investment Highlights

• Established Gastonia asset: 39,875 net rentable square feet and 270 total units situated on 4.88 acres in Gaston County.
• Diverse storage offerings: 136 climate-controlled units and 115 drive-up units provide a broad range of storage options.
• Boat, RV, and parking income: 12 covered boat/RV spaces totaling 6,600 rentable square feet, complemented by six paved parking spaces.
• Income-producing commercial component: Fully occupied, 2,500-square-foot commercial space generating $2,600 per month in rental income.
• Value-add upside: 72.35% physical occupancy provides room for lease-up, with additional revenue potential through rental-rate optimization.
• NOI growth potential: Historical trailing-12-month net operating income of $146,240, with Year 1 pro forma NOI of $229,046, subject to underwriting assumptions.
• Compelling local demographics: A 2025 median household income of $99,451 within three miles, a five-mile population of 70,097, and projected three-mile population growth of 3.53% from 2025 to 2030.