How do I reserve a unit?
We are taking reservations now. You will be able to reserve a garage or flex space unit with either a $5,000 refundable deposit for purchases or with a security deposit of one month’s rent on leases. All deposits will be held in escrow with our law firm. Shortly prior to opening a minimum 20% down payment (including initial deposit) will be needed to move to a final contract once a certificate of occupancy is received.
How are the units zoned?
The facility is located in a conditional use, general industrial zoning area within the town of Mooresville and the building was permitted as Commercial S1 Storage with the approved use being a mix of “office and storage”. Occupants of the 11 units facing the parking lot will have both a front “retail” style entrance off the front parking lot as well as rear garage doors. It is anticipated that these units will ultimately be upfitted to contain a mix of finished sales/office area up front with warehousing/garage space in the rear. While our other interior units can certainly be upfitted with small offices or bathrooms that are ancillary to the approved storage use, it is anticipated that the total square footage remains predominantly used for storage/warehousing. Owners will be responsible for obtaining necessary permits associated with any upfitting.
Who designed and build the complex?
Our general contractor is Metrolina Builders, Inc. and our design team included ODA Architecture and The Isaacs Group. The facility is situated on approximately 8.25 acres in the Deerfield Business Park and utilizes just about every useable square foot of available building envelope on the lot. We were able to do this via an efficient site plan which offers users security, ease of ingress/egress and ample maneuverability in the interior courtyards while keeping the individual cost of ownership reasonable by utilizing shared drives and courtyards.
Are there any restrictions on the use of my unit?
Yes there are some restrictions though you can generally do the same kind of things you do in your garage at home as long as you’re not creating excess noise, pollution, disturbing your neighbors or violating any other community covenants. Keep in mind the units are zoned for storage, not manufacturing, autobody repair or anything like that. You can store your cars, boat, RVs, household or commercial items with no worries. You will be able to review and accept the formal detailed facility covenants prior to signing a purchase contract or lease agreement.
Can I park a trailer outside of my unit?
While there is absolutely no overnight storage permitted outside of the units in the courtyards, each owner will be allowed short term parking directly outside their unit’s garage door as long they don’t infringe on the use and enjoyment by other unit occupants (ie don’t expect to park a 65’ truck/trailer combo outside your garage and completely block the courtyard without getting called out but that should be no surprise).
Can I operate a business from my unit?
The units are zoned as commercial storage space and will accommodate some general business activities as long as the use has relatively low demands for water consumption, will create minimal traffic and doesn’t require significant parking for employees or customers. You can also certainly store just about any business assets that would need to be kept in a secure, conditioned space. Other uses may be allowed with proper permits. You will be able to review and accept the formal detailed facility covenants prior to signing a purchase contract or lease agreement.
Can I live in my unit?
Nope – Late Apex Storage Condos are not zoned for residential use and may not be occupied as a residence. These are classified as commercial/industrial storage space. While owners will have 24-hour access to their units, they are not intended for long term occupancy nor is it permitted.
Can I work on my vehicle in my unit or use it as a workshop?
Yes, of course, as long as you’re not doing something to disturb neighbors or violate any other covenants.
Can I get mail at my unit?
Yup. Owners can rent a mailbox in the common area break-room for a small monthly fee.
Will there be a condominium association?
Yes. An owners association will be established to handle ongoing management of the complex including maintenance, repairs and monitoring and compliance of community standards and covenants. Owners will pay annual condominium assessment dues to fund their pro rata share of the complex’s ongoing operating expenses including landscaping maintenance, water, common area utilities, facilities maintenance, insurance and reserves etc. We estimate that fee will be approximately $1.00 or less per gross s.f. of owned space per year.
What are the ongoing expenses associated with purchasing or leasing a unit?
Each unit will have its own individually metered electric panel and thus each occupant will be responsible for their own electric bill (all HVAC will be electric). While each unit will be provided with both water supply/sewer access, those utilities will not be individually metered given minimal expected usage. The condo association will, however, have the right to assess individual owners for water/sewer usage if such usage levels are deemed to be excessive or out of the norm. Complex-wide Wi-Fi will be made available to all unit owners/lessees, however, occupants may elect to contract their own individual service at their own expense. Occupants that purchase their units will also be responsible for property taxes on their units (Iredell County, NC), condominium association assessments described above and insurance (if desired) for contents of the units.
Owners receive a fully deeded property no different than a residential condominium and enjoy all the benefits of investment property ownership. These benefits include no rent to be paid (or future rent increases), potential for capital appreciation and ability to capture 100% of the value of any future upgrades made enabling owners to fully customize their units to suit their individual needs. Owners also have the flexibility to lease out their units to create potential lease income. Ownership may also result in certain tax benefits related to depreciation etc. (please consult your own tax advisor).
Is there insurance provided?
The condo association will carry both property/casualty and general liability insurance for the overall complex, however, each unit owner will be required to maintain minimum coverages on their individual units. Insurance for contents are the owner/lessees responsibility.
Is Financing Available?
We expect local lenders will be willing to provide secured mortgage financing on the units assuming the buyer has strong credit and is willing to put down a sufficient down payment.
Can I lease out my unit if I’m not using it?
Yes, absolutely, though you will want to make sure your tenant reads and agrees to the facility covenants as owners will remain ultimately responsible for compliance and any potential fines or assessments stemming from non-compliance.
Can I make changes to my unit?
Yes, owners are free to upgrade the interior of their units as they see fit subject to local zoning/permitting requirements. Late Apex will offer a range of basic upgrade packages including flooring and wall finishes, mezzanine lofts, bathrooms, upgraded electrical and lighting packages, custom cabinetry and storage, auto lifts and much more.
Can I combine adjacent units?
Yes! The dividing walls between units are generally non-load bearing and thus can generally be removed to combine multiple units into larger single units. There are some locations where load bearing columns exist in some walls so please inquire for more details if you are interested in particular units.
How do I access my unit?
Owners will have 24- hour keyed access to their units via a key pad at the main gait or with a remote control (available for purchase). Each garage door will also have its own individually coded remote control panel and select units will have keyed pedestrian walk doors. Units are not intended for residential use or long-term occupancy.
Is there security?
Without question, yes. Security is a top priority and part of the design of the facility from the get go with a single gated entrance. Security cameras will cover the parking lot, gated entrance and common area courtyards and all activity will be recorded on a DVR and a live feed from the cameras is expected to become available on our website. Each owner will have their own access code to enter the facility. We will also offer owners upgrade options for dedicated security systems for their individual units.
Is there an on-site manager?
During the early months after opening we expect to staff a sales office on site. We may ultimately lease that office space when the facility fills up but there will usually be an operations/sales manager available during business hours via telephone should you need anything.
Do the units have bathrooms?
No, however unit owners can choose to add them. The facility does have a pair of common area, accessible restrooms near the gated entrance which can be accessed with your security code. The mail room is also in this area.
Sign up and be a part of an exclusive community of collectors and enthusiasts who want to own their own private storage. We look forward to welcoming you to the Late Apex Storage Condo community!!