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Flat Rock Supply/Demand

🔹 ModBox Flat Rock (783 S Allen Rd)

Strong demand and limited competition – near full occupancy and premium rates.

Offers climate-controlled, drive-up units, and RV/boat parking.

Located in a higher-income, fast-growing area with a new 192-unit apartment complex nearby.

Less price-sensitive customer base; strong reviews and brand reputation.

Strategic focus: Maintain top-tier pricing, consider expansion, and optimize premium unit mix.

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🔹 ModBox East Flat Rock (2121 Spartanburg Hwy)

More competitive market – direct rivalry with SmartStop next door.

Primarily climate-controlled indoor units; aggressively priced to attract tenants.

Occupancy is strong but slightly lower than Flat Rock due to competition.

Attracts a broader customer base, including businesses, working-class residents, and students.

Strategic focus: Maximize occupancy with promotions, watch competitor pricing, and explore RV/boat storage potential.

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🔸 Quick Comparison Table

Table 25

Table 25

Feature

Flat Rock

East Flat Rock

Occupancy

~90–95% (very high)

~85–90% (growing)

Competition

Low

High (SmartStop nearby)

RV/Boat Storage

Yes

Not advertised

Pricing Strategy

Premium

Value-driven

Growth Potential

Strong (new apartments)

Strong (area development)

Customer Sensitivity

Low (affluent)

Moderate (mixed income)

There are no rows in this table

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✅ Bottom Line Recommendations

Flat Rock is a top-tier, stable investment with upside through rate increases and possible expansion.

East Flat Rock offers value-add potential: focus on pricing, occupancy growth, and service quality to compete.

Together, they serve distinct segments and can effectively dominate the local market when managed strategically.

Supply and Demand Analysis: Flat Rock vs East Flat Rock Storage Facilities

Introduction

This report presents a detailed supply and demand analysis for two storage properties in Henderson County, North Carolina: (1) ModBox Storage at 783 S Allen Rd, Flat Rock, NC, and (2) the storage facility at 2121 Spartanburg Hwy, East Flat Rock, NC. We examine current rental rates (self-storage, climate-controlled, and RV/boat storage), occupancy trends, the competitive landscape, and local demand drivers (demographics, housing growth, income, business activity) for each location. A side-by-side comparison and strategic recommendations are provided to inform investment decisions and pricing strategy. All data emphasized are from the past 12–18 months and sourced from industry listings, local data, and facility information.

Location 1: ModBox Storage – 783 S Allen Rd (Flat Rock, NC)

Rental Rates and Unit Types

Market Rental Rates: The Flat Rock ModBox facility offers a range of unit types at competitive rates. For example, a standard drive-up 5′x10′ unit rents for about $75 per month, whereas a 5′x10′ climate-controlled unit is around $95. Mid-size units like 10′x10′ are roughly $110 for non-climate and $135 for climate control. Larger units (e.g. 10′x20′ drive-up) rent for about $155 monthly. In addition, the facility provides outdoor parking for RV/boat storage – approximately a 12′x45′ space at about $93 per month. These rates are in line with local averages; a nearby competitor’s units start at $75 and top out around $135 for larger climate-controlled sizes. Notably, ModBox frequently runs promotions (e.g. “First month free” specials), which effectively lower initial rental costs. Overall, the Flat Rock location’s pricing is competitive with the market, charging a premium for climate-controlled space (roughly 20–30% higher than standard units) and maintaining affordable vehicle storage options.

Occupancy Rates and Trends

Occupancy: Demand at the Flat Rock ModBox is very strong, with indications that the facility is near full occupancy. The site advertises “limited availability” alongside its first-month-free promotion, suggesting that only a few units are vacant. A nearby competitor, Flat Rock Mini Storage, likewise has certain unit sizes sold out (its website asks customers to call for availability on some units), reflecting high occupancy in the local market. This tight supply is consistent with broader self-storage trends – industry-wide occupancy leveled off around 90% in late 2022 and remained roughly flat through mid-2023. Henderson County appears to mirror this trend, with facilities effectively operating at or near capacity. In practical terms, customers in Flat Rock may find that popular unit sizes require waiting or shopping around. High occupancy is driving the rate stability and promotional strategies observed (i.e. promotions to attract the remaining few renters, rather than across-the-board discounts). Given the influx of new residents (discussed below), the occupancy trend is likely to remain upward: even as new storage supply comes online, strong demand has thus far kept vacancy low.

Competitive Landscape

Nearby Facilities: The Flat Rock ModBox enjoys a somewhat cushioned competitive environment. Its most direct competitor is Flat Rock Mini Storage at 84 S Orchard Rd (about 1–2 miles away, near I-26). That facility offers both climate-controlled and standard units in similar sizes, with rates like $75 for a 5×10 and $110 for a 10×10 (standard) and about $95 and $135 for those sizes in climate-controlled format. Flat Rock Mini Storage’s top advertised rate is ~$135/month, indicating a similar pricing tier. Notably, Flat Rock Mini is an unmanned facility (contactless rentals) with gated access, and it has a solid reputation (rated 4.1/5 by customers). Other competitors are slightly farther: for example, Storage Sense (1414 Greenville Hwy) and StoreHouse Self Storage (Chimney Rock Rd) in Hendersonville (4–5 miles north) serve the broader area. National operators have a presence mainly closer to Hendersonville city – e.g. SmartStop and Extra Space on the east side of town – but those are 3–5+ miles from the Flat Rock site. In contrast, the immediate 2-mile radius around 783 S Allen has relatively few facilities, which reduces direct price pressure.

Amenities and Positioning: ModBox Flat Rock distinguishes itself with a comprehensive amenity package: climate control, drive-up units, 24/7 security cameras, gated keypad entry, perimeter fencing, and even a free lock with each rental. It also offers RV/boat parking, a service not all competitors provide. These features are on par with or better than nearby facilities. For instance, Flat Rock Mini offers similar security and climate options but is unstaffed and open 6AM–12AM, whereas ModBox’s professional branding and customer service (with a call center 8AM–8PM daily) may appeal to tenants seeking a more service-oriented experience. Customer reviews reflect this advantage – ModBox Flat Rock holds an average rating of 4.4 out of 5 from over 70 reviews, with renters praising the clean, secure facility and easy 24-hour access via gate code. This positive reputation and the moderate competition in Flat Rock suggest that ModBox can maintain healthy occupancy and pricing. The facility effectively acts as the market leader in its immediate trade area, with competitors either smaller or slightly distant.

Demographics and Demand Drivers (Flat Rock Area)

Population Growth: The Flat Rock facility benefits from being in a growing community. Henderson County’s population is approximately 123,000 as of 2026, up 15% from 2010. Annual growth is near 1%, indicating steady in-migration. The Village of Flat Rock itself is small (~3,500 residents), but it sits adjacent to the larger City of Hendersonville (15,000+ residents) and the unincorporated East Flat Rock area (5,700+ residents in 2020). Within a short drive of the facility, the consumer base easily numbers in the tens of thousands, a mix of long-time locals and newcomers. Importantly, Henderson County is attracting new residents from other states (often retirees and remote workers), which bolsters storage demand (new residents frequently need temporary storage during moves or downsizing).

Housing Developments: The housing market is a key demand indicator. A recent assessment found that Henderson County needs ~10,000 new housing units over the next 5 years to meet demand. Developers are responding – nearly 967 new dwellings (single-family homes, townhomes, apartments) were in the pipeline as of mid-2025. Crucially for ModBox Flat Rock, a 192-unit Class-A apartment complex was approved in 2025 on South Allen Road itself (between S Allen Rd and I-26). This development, along with an existing Summit apartment community nearby, means hundreds of new households will be within a stone’s throw of the facility. Apartment residents often lack storage space, so they represent prime potential customers. We anticipate a demand surge as these units come online – likely justifying higher rental rates or rapid lease-up for any remaining storage vacancies. In addition, other projects (e.g. a 430-unit mixed residential project on Asheville Hwy and various subdivisions around Hendersonville) will continue to feed regional population growth and, by extension, storage needs.

Income and Customer Profile: Demographically, the Flat Rock area skews toward higher income and an older age profile (popular with retirees). Henderson County’s median household income is about $67,600, and Flat Rock village’s median is even higher (over $75K, given its affluent enclaves). This suggests many residents have the disposable income to afford storage for discretionary needs (e.g. storing collectibles, seasonal furniture, or RVs/boats). Retirees moving into smaller homes or seasonal residents (snowbirds) often use storage for overflow belongings – a trend likely playing out here. The county’s population density is moderate (~330 people per square mile on average), but pockets around Hendersonville/Flat Rock are much denser, indicating plenty of nearby households within a short drive.

Business and Economic Activity: On top of residential demand, local business activity adds to storage needs. Hendersonville is the county seat with a thriving small-business community, and Flat Rock is a tourism hub (home to the Flat Rock Playhouse, historic sites, etc.). Many small businesses use self-storage for inventory and equipment. Furthermore, new commercial developments are underway – notably the Blue Ridge Commerce Center, a four-building industrial park under construction in East Flat Rock. Located near I-26 and McMurray Rd (just a few miles from the S Allen Rd facility), this project will attract light industries or distribution businesses. Such businesses may rent storage units for file archives, inventory overflow, or warehousing needs if on-site space is limited. In short, the economic growth in the area (low unemployment, new jobs, and rising retail activity) supports continued strong demand for storage from both consumers and businesses.

Recreational Storage Demand: Lastly, the region’s demographics point to high RV and boat ownership. Henderson County’s proximity to the mountains and lakes makes it common for residents to have campers, boats, and trailers. Evidence of this demand can be seen in a 2024 special use permit for a new facility catering exclusively to RV and boat storage (48 covered spaces and ~84 open-air spaces), which was approved in Henderson County. ModBox Flat Rock already serves this segment with outdoor parking, and given the waiting lists often seen for RV storage, this is a profitable niche. With tourism and outdoor recreation strong in the area, RV/boat storage demand is expected to remain high – an asset for the Flat Rock property’s revenue mix.

Summary (Flat Rock): The ModBox 783 S Allen Rd location is positioned in a high-growth, high-demand area. It has been capitalizing on a favorable supply-demand balance: rents are at market levels, occupancy is very high, and new housing and population trends promise even greater demand. Competition is present but not overly dense, allowing this facility to likely achieve premium occupancy and pricing. The demographic and economic indicators (rising population, solid incomes, new development) all point to sustained demand for self-storage in Flat Rock.

Location 2: 2121 Spartanburg Hwy (East Flat Rock, NC)

Rental Rates and Unit Mix

Market Rental Rates: The East Flat Rock property (recently branded under ModBox) offers similar unit types, though the mix may skew toward indoor units. Current advertised rates show very attractive pricing – for instance, a 5′x5′ unit for about $26/month, a 10′x10′ unit around $76/month, and a 10′x20′ unit about $137/month. These likely reflect online specials or introductory rates. They are somewhat lower than the Flat Rock location’s published prices, which is expected given the direct competition on Spartanburg Hwy. By comparison, the SmartStop Self Storage just up the road lists a 5′x10′ drive-up at ~$80 (with web specials as low as $40), a 10′x10′ drive-up at ~$153 (web special $76, identical to ModBox’s price), and a 10′x10′ climate-controlled at ~$194 (web special $97). This tells us the true street rates in this corridor: roughly $75–$85 for a small unit, $150+ for a 10′x10′ standard, and around $180–$200 for a 10′x10′ climate (all per month), with aggressive discounts being used to win customers. The ModBox East Flat Rock rates, after promotions, undercut these street rates (e.g. $76 vs $153 for a 10×10 standard) – a deliberate strategy to fill units.

Climate-Controlled vs Standard: The 2121 Spartanburg facility is described as having climate-controlled indoor units with 24-hour access. It likely also has some drive-up units (given the site’s history as a drive-up self-storage). If so, we can expect similar climate premiums: the SmartStop data show a climate 10×10 is ~$40 higher than a drive-up unit ( ~$194 vs $153 base rate). We don’t have the exact breakdown of ModBox East Flat Rock’s climate vs non-climate pricing, but presumably the majority of units are climate-controlled in its inventory (the facility amenities list “Indoor, 24-hour access” prominently). Thus, its value proposition may be more climate space at competitive rates. It’s worth noting that vehicle (RV/boat) storage is not explicitly advertised at this location. If there is outdoor space, those rates would be similar to Flat Rock (~$90+ for a 40′ parking spot). However, the site may be more limited to traditional storage units.

Overall, the East Flat Rock property’s pricing strategy is market-driven and reactive: it is set to match or beat the nearby competition, especially on popular sizes, while still capturing the higher revenue of climate-controlled offerings. RentCafe’s data confirms that units at 2121 Spartanburg Hwy start around $26 and range up to ~$137 for larger sizes, which is a broad spread reflecting various unit types. We can interpret this as small lockers to large 200+ sq ft units being available, covering most customer needs.

Occupancy Rates and Trends

Occupancy: When ModBox acquired 2121 Spartanburg Hwy in mid-2022 (for ~$3.8 million), it likely aimed to improve occupancy and revenue at what was formerly “Eagle Self Storage.” Since rebranding, the facility has garnered a 4.5/5 star rating with dozens of reviews, implying a successful lease-up and satisfied customer base. However, the presence of a modern SmartStop facility 0.5 miles away (at 1931 Spartanburg Hwy) is a defining factor. That SmartStop opened around 2020–2021 (based on customer review dates and local news) and is actively leasing units. It reports “Only 1–2 units left” on many sizes and is offering steep promotions, suggesting they are nearing high occupancy but still in a promotional phase. This competitive dynamic means that occupancy at the ModBox East Flat Rock site might not be as maxed-out as in Flat Rock; some tenants will shop between the two for the best deal. Indeed, SmartStop’s promotions like “1st Month Rent Free” on certain sizes put pressure on ModBox to follow suit or keep rates low for now.

Despite this, the overall market occupancy in the Hendersonville/Flat Rock area remains high. Many facilities in town are 90%+ full, and any new supply (like SmartStop) has been gradually absorbed by growing demand. We infer that ModBox East Flat Rock likely has a current occupancy in the high 80s to low 90% range – enough that it can advertise confidently, but with a little headroom to fill. The fact that its listings are active on aggregators and showing discounted rates implies they are still leasing up certain unit types. Over the past year, occupancy has likely grown after the rebranding due to improved marketing and the general demand increase. If Henderson County’s overall occupancy was ~95% in 2021 and softened slightly with new openings, East Flat Rock might have dipped and is now climbing back as population catches up with supply. The trend going forward is positive: given the growth in housing (and no immediate new storage facilities besides SmartStop), occupancy should stabilize at a strong level.

One trend to monitor is that seasonal occupancy fluctuations could be more pronounced here due to the mix of customers – for example, if many use climate units for summer storage or college students store items over break (Blue Ridge Community College is a few miles away). However, month-to-month leasing is standard and the facility’s 24/7 access might attract long-term commercial renters (steady occupancy). To summarize, occupancy at 2121 Spartanburg Hwy is good and improving, though it operates in a more competitive micro-market than the Flat Rock location, necessitating active rate management to keep units filled.

Competitive Landscape

Proximity of Competitors: The East Flat Rock facility faces immediate competition. The SmartStop Self Storage at 1931 Spartanburg Hwy is less than a mile north (roughly 1.6 miles per one listing), essentially serving the same customer base. SmartStop is a nationwide operator known for modern facilities; at this Hendersonville location it offers a full suite of amenities: climate-controlled units, indoor and drive-up access, on-site manager, video surveillance, perimeter fencing, and even U-Haul/truck rentals and a retail store for moving supplies. It’s a new facility (opened within the last 5 years) and has garnered positive reviews (5/5 on SpareFoot as of 2021). In practice, SmartStop’s presence forces ModBox to differentiate on either price or service. As noted, both facilities have very similar features (security, climate units, 6AM–10PM or 24h access, etc.), so customers’ decisions may come down to rental rate and personal preference.

Beyond SmartStop, the East Flat Rock site is a short drive from numerous Hendersonville storage options: AAA Storage World and Extra Space (formerly LifeStorage) on Sugarloaf Rd (~2 miles east), Storage Sense and Public Storage along Greenville Hwy and S Main (~2–3 miles north), and others. The competitive radius is thus crowded compared to Flat Rock. However, many of those facilities serve the north or east side of Hendersonville, whereas 2121 Spartanburg sits on the south side, convenient for residents of East Flat Rock, Dana, and south Hendersonville. In that southern sub-market, ModBox and SmartStop are the primary large facilities. (There are a few smaller “mini-storage” sites further south or west, but nothing of similar scale/quality.)

Competitive Position: ModBox East Flat Rock’s competitive edge comes from the combination of its recent upgrades and brand reputation plus potentially more flexible pricing. Being locally branded (or at least not a REIT like SmartStop) can mean the facility might offer a more personal touch – though both have good reviews, ModBox’s 4.5★ suggests high customer satisfaction. It also advertises contactless rentals and 24-hour access for climate units, which could attract tech-savvy or late-hour customers. On the other hand, SmartStop boasts on-site staffing seven days a week, which some customers prefer. From an amenities standpoint, both are very well-equipped: security cameras, gated entry, climate control, and even accommodation for vehicle storage. (SmartStop’s site mentions RV storage availability and 18-wheeler access for dropoff, indicating large driveways and possibly outdoor parking; if ModBox East Flat Rock lacks dedicated RV parking, that’s one amenity difference.)

Competitive Pricing: We’ve already compared pricing, but to reiterate – SmartStop’s standard rates are higher, offset by promotions, whereas ModBox lists low upfront rates. For example, SmartStop’s 10′x15′ climate unit is $287 (web rate $144); a similar unit at ModBox might be listed closer to that $144 from the start. This suggests ModBox is pursuing a value pricing strategy to win customers. It’s worth noting that some other competitors in Hendersonville proper charge even more (e.g. StoreHouse Self Storage’s climate units, or older facilities with few vacancies have 10×10 rates ~$120). Therefore, East Flat Rock is a price-competitive pocket, likely due to the head-to-head between these two facilities.

Reputation and Community: The prior identity “Eagle Self Storage” had been a long-standing local business (with at least one other location in the county). Its closure and sale in 2022 likely transferred an existing tenant base to ModBox. The continuation of good service is evident in the reviews post-transition. Meanwhile, SmartStop is building its reputation from scratch in the community. Local word-of-mouth can be a factor; some customers may favor a facility that’s locally managed (ModBox) versus a corporate chain, or vice versa. Both properties are visible on a busy corridor (US-176), which sees plenty of traffic and thus drive-by marketing. ModBox’s signage and branding need to stand out to capture that audience, given SmartStop’s national branding might be more instantly recognizable. So far, ModBox has done well by emphasizing “New management and upgrades,” “contactless rentals,” and keeping the facility clean and secure – which reviews affirm.

In summary, 2121 Spartanburg Hwy sits in a competitive hotspot for self-storage, dominated by its rivalry with SmartStop. The property is holding its own by leveraging competitive pricing, strong security/amenities, and positive customer experiences. The competitive landscape will require ongoing attention, especially if any new facilities open or if SmartStop adjusts its strategy. But with only two major facilities serving that immediate area, there appears to be sufficient demand for both to thrive as long as they manage rates wisely.

Demographics and Demand Drivers (East Flat Rock Area)

Local Population: East Flat Rock is essentially an extension of the Hendersonville market, with a blend of suburban and rural characteristics. The East Flat Rock CDP had a population of 5,757 in 2020, up from ~4,995 in 2010 (an ~15% increase). Estimates put the 2023 population around 6,400–6,500, reflecting continued growth. This community, along with unincorporated parts of southern Hendersonville, constitutes the primary customer base for 2121 Spartanburg Hwy. These residents typically live in single-family homes or mobile homes, as well as a few apartment complexes in the area. Population density in East Flat Rock is about 520 people/sq mi – more dense than the county average, indicating established neighborhoods.

Socioeconomics: The East Flat Rock area historically has slightly lower median income than Flat Rock or Hendersonville city – many working-class families and some industries (auto shops, small manufacturers) are in this corridor. Even so, Henderson County’s overall median income of ~$67K means many East Flat Rock households likely fall in the $50K–$60K range, providing sufficient purchasing power for storage when needed. Additionally, East Flat Rock’s homeownership rate is high and homes tend to be moderate in size; homeowners often use storage during renovations or to declutter. There is also a sizeable Hispanic community in this area and a mix of renters and owners – indicating diverse storage use cases (small business inventory storage, moving storage, etc.).

Housing Growth: While East Flat Rock itself has not seen a development on the scale of the S Allen Rd apartments, the spillover from Hendersonville’s housing boom affects it. Within a 5-mile radius are multiple new housing projects (as noted, nearly 1,938 multi-family units were approved in Hendersonville in the last 3 years). For example, just north of East Flat Rock, along South Main and Greenville Hwy, new apartment complexes and townhomes are either under construction or recently completed. These are within a short drive of the Spartanburg Hwy facility, meaning new residents from those projects may choose either a Hendersonville storage or the East Flat Rock one depending on rates and availability. Moreover, Henderson County’s stated need for 10,000 new units applies county-wide – some of that demand will likely be met by projects in the southern part of the county (there are large tracts of land in East Flat Rock that could be developed in coming years). It’s also noteworthy that an affordable housing community (Waterleaf at Flat Rock) recently expanded, and plans like “The Landings of Flat Rock” are under discussion, which could add apartments near S Allen Rd/Upward Rd. All these housing trends translate to steady inflows of potential storage customers in the East Flat Rock vicinity.

Business Activity: East Flat Rock has a mix of light industrial and service businesses clustered along Spartanburg Highway. Notable employers in the greater area include manufacturing plants (e.g., automotive parts, engineered plastics) and logistics companies. The Blue Ridge Commerce Center, while branded as Flat Rock, is essentially on the edge of East Flat Rock and will bring new businesses and jobs. Some businesses (contractors, landscapers, etc.) prefer to rent storage units near their service area – the Spartanburg Hwy facility could cater to those serving southern Henderson County or northern Polk County. Additionally, being on a major highway that leads to Upstate South Carolina means the facility might attract transient demand – e.g., people relocating between NC and SC who need interim storage, or people who commute and want storage at a mid-point.

Recreational and Other Demand: Similar to Flat Rock, East Flat Rock residents enjoy outdoor activities. Lake Summit and other recreation areas are nearby, and many people have boats, ATVs, or RVs. However, the availability of large lots in rural parts means some can store at home; still, there is enough demand that specialized RV storage is being built (as noted, a new RV/boat storage was approved in the county). If ModBox East Flat Rock has or adds outdoor storage, it can tap into this. We also consider college student demand: Blue Ridge Community College (4 miles away) and even UNC Asheville (commuters or summer storage) may contribute a minor but notable segment of customers, especially for small units.

Traffic & Visibility: The Spartanburg Hwy (US-176) sees heavy daily traffic connecting Hendersonville to I-26 and to South Carolina. The location at 2121 benefits from this exposure. It is positioned near a busy commercial node (automotive shops, a grocery, etc.), which means many locals know of its existence. High traffic corridors often correlate with strong impulse rentals (people realizing they need storage after seeing the facility repeatedly). This bodes well for demand sustainability.

Summary (East Flat Rock): The East Flat Rock storage market is supported by growing population and housing, though the growth is somewhat distributed around Hendersonville. The immediate area has a solid resident base (~6K and rising) with adequate income to sustain storage usage. New housing nearby and overall county growth ensure a pipeline of demand. The presence of more working-class and small-business users may actually boost demand for drive-up and affordable storage units – a niche that the 2121 Spartanburg facility can fill given its mix of indoor and drive-up space. The major demand constraint is competition, not lack of customers: there are plenty of potential customers, but they have choices. Thus, the key for this location is capturing a large share of that demand through competitive offerings. All indicators (demographic and economic) suggest that demand will continue to increase, so occupancy will depend on how well the facility competes, not on whether customers exist. Provided ModBox maintains its service quality and pricing, the East Flat Rock property has a strong market to draw from, with upside as the region grows.

Side-by-Side Comparison of the Two Properties

The following table summarizes key metrics and characteristics of ModBox Storage (Flat Rock) vs 2121 Spartanburg Hwy (East Flat Rock), highlighting how each location compares in terms of rates, occupancy, competition, and market demand:

Table 24

Table 24

Aspect

Flat Rock – ModBox (783 S Allen Rd)

East Flat Rock – 2121 Spartanburg Hwy

Location & Access

Flat Rock, NC – Just off NC-225 (Greenville Hwy) near I-26 Exit 53. Serves Flat Rock and southern Hendersonville. Quiet area, 1.5 mi from I-26.

East Flat Rock, NC – On US-176 (Spartanburg Hwy) south of Hendersonville. High-traffic commercial corridor, ~2 mi from downtown Hendersonville.

Facility Type & Layout

Single-story self-storage with mix of drive-up units and indoor climate-controlled units. Outdoor lot for RV/boat parking available.

Predominantly indoor climate-controlled units (former mini-warehouse). Some drive-up access units likely from prior layout. Emphasis on indoor, secure access. (Unconfirmed if RV/boat parking is offered on-site.)

Unit Size Range

25 sq. ft. up to ~540 sq. ft. (per FAQ) – e.g. 5×5 lockers to large 12×45 vehicle spaces. Comprehensive size selection for personal or business needs.

25 sq. ft. up to ~200+ sq. ft. – likely offers 5×5 through 10×20 or 10×30 units (drive-up and indoor). The largest size noted is 10×20 at ~$137/mo, indicating units up to ~200 sq. ft.; may not have very large warehouse-style units or vehicle bays.

Current Rental Rates (monthly)

<ul><li>5×5 (Climate): ~$23 (promo rate); 5×10 (Std): ~$75; 5×10 (Climate): ~$95.</li><li>10×10 (Std): ~$110; 10×10 (Climate): ~$135.</li><li>10×20 (Std drive-up): ~$155.</li><li>Outdoor RV/Boat (≈12×40–45): ~$93.</li></ul> First month free specials available, effectively reducing initial cost. Rates are at market given limited competition (units start ~$75 and top ~$135 at nearest competitor).

<ul><li>5×5 (Climate or Std): ~$26 (advertised).</li><li>5×10 (Std drive-up): ~$40–$80 (competitor: $80 base, $40 promo). ModBox likely in this range or lower.</li><li>10×10 (Std): ~$76 (promo; competitor $153 base, $76 promo).</li><li>10×10 (Climate): ~$97 (competitor promo price; ~$180–$194 base). ModBox likely similar or slightly under.</li><li>10×15 (Climate): ~$144 promo (competitor, $287 base).</li><li>10×20 (Std/Indoor): ~$137 (ModBox advertised).</li></ul> Pricing is aggressive due to nearby SmartStop – effectively matching or undercutting competitor’s discounted rates.

Occupancy

Very high (~90–95%) – Only limited units available (marketing “limited availability”). Nearby Flat Rock Mini Storage also nearly full (some sizes require wait). Consistently strong occupancy trend, likely full on most unit sizes (with turnover quickly re-leased). National occupancy trends ~90% support this high utilization.

High (~85–90%), but slightly lower than Flat Rock due to competition. Steady leasing activity; facility was acquired and rebranded in 2022 to boost occupancy. SmartStop’s presence means the two share the local demand – both report limited units left on many sizes. Occupancy is growing as area demand rises; expected to reach ~90% as market absorbs new supply.

Competitive Density

Low–Moderate: One primary competitor within ~2 miles (Flat Rock Mini). Other competitors 4–5+ miles away (in Hendersonville city) – not direct substitutes for many Flat Rock residents. ModBox Flat Rock is a dominant facility in its immediate trade area, facing only moderate competition and little price pressure.

High: Direct competitor SmartStop Self Storage only ~0.5 miles away (same corridor). Several other storage facilities within a 2–3 mile radius in all directions (Hendersonville). Customers have multiple choices, creating price-sensitive conditions. The Spartanburg Hwy site is in a competitive hotspot, requiring keen pricing and marketing to capture market share.

Amenities & Features

- Climate-Controlled Units: Yes (protects against humidity). - Drive-Up Units: Yes (easy loading/unloading). - Outdoor Parking: Yes – RV, boat, vehicle storage on-site. - Security: 24/7 CCTV, gated electronic code entry, fenced perimeter; free high-security lock provided. - Access Hours: 6:00 AM – 10:00 PM daily (standard). - Staffing/Service: Remote support (call center daily till 8PM); contactless online rentals; on-site kiosk. Highly rated for cleanliness & safety (4.4★).

- Climate-Controlled Units: Yes (a major portion of inventory; indoor access). - Drive-Up Units: Likely some (outdoor access units from legacy layout). - Outdoor Parking: Not prominently advertised (assume no or limited RV parking on-site). - Security: 24-hour video surveillance, gated access (similar security measures, given ModBox standards). Likely keypad entry and well-lit property. - Access Hours: Many units 24/7 access (advertised “24 hour access” for indoor units); otherwise 6 AM – 10 PM standard for drive-ups. - Staffing/Service: On-site office hours may be limited (previous owner had office, unclear under ModBox). Emphasis on contactless rental and online account management. Strong reputation (4.5★ reviews) for helpful service and security.

Customer Profile & Demand

Mix of residential and commercial. Many retirees, downsizers, and suburban homeowners in Flat Rock use storage for personal items, furniture, seasonal goods. Also serves local businesses (contractors, retail stock) given easy drive-up access. New apartment dwellers (Summit & upcoming complex) will boost residential demand for smaller units. Significant RV/boat clientele due to tourist/recreation community (facility accommodates with large parking spaces). Generally higher-income, long-term customers (less price-sensitive).

Diverse residential users (single-family homeowners and renters from East Flat Rock/Hendersonville) needing cost-effective storage – e.g. for moving, home projects, or extra space. Also small businesses and tradespeople (the highway location and 24h access appeal for equipment storage). Slightly more price-sensitive customer base on average, given competition and income mix. Potential student and transient customers as well, due to proximity to college and highway (short-term storage in summer, etc.). If outdoor spaces are offered, could attract RV/boat owners, though main focus is household and business storage.

Demographics & Growth

Located in a growing area: Flat Rock + Hendersonville populations increasing; new 192-unit apartment on S Allen Rd to add many residents nearby. Median incomes ~$67K+, supporting strong discretionary storage usage. High proportion of retirees (downsizing = storage demand) and inflow of new residents from out-of-state (often require interim storage). Housing boom in county (10k units needed) ensures sustained demand. Low immediate competition means this facility captures much of the local growth.

Part of the larger Hendersonville market growth: East Flat Rock pop. ~6k and rising; adjacent to Hendersonville city expansion. Slightly lower median income than Flat Rock but solid middle-class base. Hundreds of new homes/apartments within 3–5 miles (south side of Hendersonville) feeding demand. The corridor itself is seeing commercial growth (Blue Ridge Commerce Center) bringing more activity. Overall demand is rising, but this facility must compete to capture its share. As long as population and businesses grow, there is a deep demand pool, though split among multiple facilities.

Investment Potential

Very strong – high occupancy, ability to raise rates gradually due to limited competition. Positioned to benefit from population and housing growth (new apartments). Opportunity to expand premium offerings (more climate units, RV storage) as demand dictates. Stable cash flow from long-term customers; lower marketing costs given word-of-mouth and local dominance.

High, but requires proactive strategy – the market is there, but winning it depends on competitive pricing and service. The facility’s recent upgrades and good reviews are positive signs. Revenue growth will come from filling remaining climate units and potentially adjusting rates once occupancy solidifies. Given the substantial investment in 2022, owners will seek to maximize NOI via high occupancy. Long-term, as area grows and competitors fill up, this site can increase rates and yield good returns. Its highway location and modern features make it a valuable asset in a growing market.

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Table: Side-by-side comparison of the Flat Rock and East Flat Rock storage properties, covering location characteristics, pricing, occupancy, competition, and demand factors.

Strategic Recommendations for Investment and Pricing

1. Tailor Pricing Strategies to Each Micro-Market: The two properties operate under different competitive pressures, so pricing should not be one-size-fits-all. For Flat Rock (783 S Allen Rd), where competition is sparse and occupancy is near capacity, ModBox can confidently hold rates at the higher end of market range and implement regular rate increases in line with demand. Focus on renting remaining premium units (climate-controlled or larger sizes) at top dollar – customers here are somewhat less price-sensitive, given convenience and lack of alternatives. Promotions can be minimal (e.g. continue a modest “1st month free” to entice move-ins, since that is already standard) but there is no need for steep discounts. In contrast, at East Flat Rock (2121 Spartanburg Hwy), maintain a competitive pricing approach: monitor SmartStop’s rates closely and be willing to match or slightly undercut their promotional prices to win new tenants. For example, if SmartStop offers 50% off for 3 months, ModBox could offer a similar deal or a longer discounted period to sway budget-conscious customers. The goal is to achieve high occupancy first; once a unit is filled, the revenue is secured and modest rent increases can follow over time. Additionally, emphasize value: at equal price, highlight that ModBox offers 24-hour access on many units (something SmartStop may not universally offer) and free locks, etc., to make the choice a no-brainer for renters. In summary, Flat Rock = maximize rate per sq. ft. (given strong demand), East Flat Rock = maximize occupancy via aggressive, dynamic pricing, then gradually yield-manage rates upward as the facility fills.

2. Leverage High Demand to Adjust Unit Mix and Services: Given the demand indicators, both facilities should ensure they have the right mix of unit types and ancillary services to capture the market. For Flat Rock, the rapid lease-up of climate units (if any) suggests exploring an expansion of climate-controlled capacity – either by converting some standard units or adding new climate-controlled buildings (if land available). Climate units fetch ~20–25% higher rents in this market and are in demand due to the region’s humidity and the affluent customer base (who store furniture, documents, etc.). Also, consider expanding RV/boat storage if the lot has space – the waiting list phenomenon for RV spots and new RV storage projects in the county indicate unmet demand. Even simple gravel outdoor spaces can generate ~$90+/month each. At East Flat Rock, if the facility currently lacks outdoor parking, evaluate the feasibility of adding covered or open RV/boat storage on any unused land. This could differentiate ModBox from SmartStop (which, while it advertises RV storage, might have limited outdoor slots). Additionally, ModBox should consider offering tenant insurance, packing supplies, or truck rental partnerships at both sites – these add revenue streams and convenience, making the facilities a one-stop solution. If occupancy is near full at Flat Rock, implementing a reservation waitlist or pre-leasing for upcoming units (especially ahead of the apartment opening) can lock in renters and reduce vacancy time to virtually zero. In East Flat Rock, continuously analyze which unit sizes fill fastest and which lag – for instance, if small 5×5 units are slower, perhaps reconfigure a cluster into more 10×10s which are in higher demand, or vice versa. Optimizing the unit mix in response to market demand will ensure both facilities capture the maximum possible rental income per square foot.

3. Marketing and Outreach: Both properties should engage in targeted marketing campaigns to capitalize on local growth. For Flat Rock, coordinate with real estate and apartment communities: for example, form a referral program with the new 192-unit complex on S Allen Rd and other nearby apartments (e.g. Summit at Hendersonville). Offering new renters there a discount or a welcome package for ModBox storage can quickly fill any remaining units. Many new movers will be looking for storage, and being the recommended facility gives ModBox an edge. Similarly, liaise with realtors in Henderson County who handle relocations – often, people moving in or out need temporary storage. Ensure ModBox is on their radar (perhaps via a small commission or flyer system). For East Flat Rock, more emphasis on digital marketing and local advertising is key due to competition. Invest in strong SEO for “Hendersonville storage” so that ModBox appears alongside or above SmartStop in online searches. Utilize SpareFoot, StorageTreasures, and other aggregator sites (the facility is already on some, ensure rates and info are up-to-date and appealing). Locally, signage and visibility are important: ensure the roadside signage on Spartanburg Hwy is clear, branded, and includes an attractive message (e.g., “Climate Storage – 1st Month Free!”). Consider limited-time promotions like “Price-match guarantee” in East Flat Rock to reduce any hesitation a customer might have comparing options. Another strategy is community engagement: sponsor a local event or partner with the Hendersonville Chamber of Commerce to raise the profile of ModBox as a community-friendly business (SmartStop, being corporate, might not do this). If not already in place, using social media (targeted Facebook ads focusing on new housing developments or to people who’ve recently moved to the area) can capture demand early. A well-executed marketing plan will help ensure ModBox captures a disproportionate share of new demand, especially crucial for the East Flat Rock site.

4. Focus on Customer Experience and Reviews: In a service business like self-storage, maintaining a strong reputation is critical – and it’s an area where ModBox can continue to excel. Both facilities already have good reviews (4.4★ and 4.5★); aiming to boost these even higher will directly support occupancy and allow for price premiums. Management should implement a customer feedback loop – encourage new tenants to leave reviews online (perhaps via a small discount or raffle, within ethical guidelines). Promptly respond to any negative feedback with solutions. Given that SmartStop is a well-known brand, ModBox can differentiate by highlighting its local management and personalized service. Simple touches like a very clean property (e.g. regular pest control, no trash on site) and helpful customer service (quickly returning calls, helping tenants choose the right size) will translate into positive word-of-mouth. The Flat Rock site could introduce amenities like a “move-in truck” free for new renters (if feasible), which would be a notable perk that competitors lack. The East Flat Rock site, with 24-hour access, should ensure that this feature is well-managed and secure – perhaps having staff or security do occasional after-hours checks – so that customers feel safe accessing units at any time. Emphasizing security (both hard measures and observed outcomes, like “zero break-ins reported” if applicable) will reassure potential renters. By consistently delivering a top-notch customer experience, ModBox will retain tenants longer (improving lifetime value) and can justify rate increases more easily without losing customers. Satisfied customers are also more likely to refer friends or family, which is valuable in a tight-knit community.

5. Monitor Market Trends and Adjust Tactics: The self-storage market is dynamic, so ongoing market surveillance is necessary. For investment decision-making, keep an eye on any plans for new storage facilities in the area – for example, if another national operator or a local developer announces a project in southern Henderson County. Currently, the pipeline we know includes mainly that specialized RV storage facility, which doesn’t directly compete for regular unit renters, and possibly expansions of existing ones. If a new competitor were to emerge, early knowledge would allow ModBox to pre-emptively secure customer loyalty (through renewals and perhaps locking in some tenants with longer-term lease incentives). On the pricing front, use management software to track rental velocity and competitor rates monthly. For Flat Rock, if a waiting list builds up (demand exceeds supply), it’s a signal to consider raising rates or expanding. For East Flat Rock, if certain unit sizes struggle (e.g., many vacancies in one size), consider price adjustments or promotions specifically for those sizes rather than blanket discounts. Also watch the housing market health: if home sales or construction were to slow markedly (for instance, due to economic shifts or interest rates), storage demand might also slow. In that scenario, ramp up marketing to non-traditional users (business storage, student storage, etc.) to fill any gaps. Conversely, if a surge of new residents comes (e.g., a large employer relocation to the area), be ready to capitalize by possibly offering “first 50 customers lock-in rate” deals to quickly achieve full occupancy and then waitlist others. Finally, stay attuned to the broader self-storage industry trends: the 2025 Self Storage Almanac notes generally stable cap rates and investor interest, which means these assets will appreciate if income is optimized. ModBox should thus aim to keep net operating income growing at both sites – through the strategies above – thereby enhancing the properties’ investment value. Regular re-evaluation of insurance, taxes, and operational costs will also ensure that revenue gains are not eaten by expenses.

6. Long-Term Strategic Outlook: From an investment perspective, each property has a slightly different strategic role. Flat Rock (783 S Allen) can be seen as a high-performing core asset – it’s in a prime location with limited competition and strong demographics. The strategy here is to hold and possibly expand, reaping steady cash flows. There may be an opportunity in future to expand on-site (if land available) or to implement high-end features (e.g., climate-controlled wine storage or smart units with remote monitoring) to serve niche, affluent customers at premium rates. East Flat Rock (2121 Spartanburg), acquired relatively recently, is more of a value-add play – much of that value has been added through rebranding and updates, but continued lease-up and rate management will further increase its NOI. Once it achieves stabilized occupancy at healthy rates, its value will increase significantly (especially given the ~$3.8M purchase, the goal would be to raise income to support a higher valuation). The owner could then decide to refinance or hold for cash flow. In terms of pricing strategy long-term, once the East Flat Rock site captures a solid customer base, gradually test rent increases in line with the market – do so unit-type by unit-type to avoid giving competitors an opening. If SmartStop fills up, they too will raise rates, and ModBox must follow to avoid underpricing. Essentially, in the long run, don’t leave money on the table: as both the local supply-demand equilibrium tightens (which it likely will after the initial new facilities lease up), shift from a defensive pricing mode to a yield-maximizing mode at East Flat Rock, similar to Flat Rock’s approach.

In conclusion, both the ModBox Flat Rock and the 2121 Spartanburg Hwy properties show strong investment potential backed by robust demand drivers. The Flat Rock location should continue on its current successful trajectory, focusing on incremental rate growth and possibly expansion to meet upscale demand. The East Flat Rock location, while requiring a more hands-on competitive strategy now, is poised to become equally stable – especially as the surrounding population grows and any initial competitive discounts subside. By prioritizing customer satisfaction, maintaining savvy pricing, and responding to local market trends, the operators can ensure high occupancy and profitability at both sites. The side-by-side analysis indicates that each property can be a complementary asset: Flat Rock delivering steady high-end returns, and East Flat Rock capturing volume and broader market share. Together, they allow ModBox to dominate the South Henderson County storage market, and our recommendations aim to solidify that position for years to come.

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