Storage 98110 – Bainbridge Island, WA

Storage 98110 – Bainbridge Island, WA2020-12-01T14:46:51-05:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale Storage 98110 in Bainbridge Island, Washington.

$10,930,000
NRSF – 10,987

6544 Fletcher Road, NE
Bainbridge Island, WA 98110

Storage 98110, located in Bainbridge Island, Washington, is comprised of 10,987 rentable square feet on approximately 2.36 acres of land with the opportunity to expand the site to 47,003 rentable square feet. Storage 98110 is a one-of-a-kind development opportunity because it is specifically excluded from a current ban on self-storage development on Bainbridge Island. A buyer will have the ability to execute a comprehensive development plan that is included in the sale. The facility was built in 1977 and is composed of 98 units. The subject has current physical and economic occupancies of 100 percent and 95 percent, respectively, which are indicative of the high demand for self-storage within the region.

Situated west of Seattle, Washington, Storage 98110 is located at 7480 Bucklin Hill Road NE on Bainbridge Island. The island is one of the desirable suburbs of the Greater Seattle region. The facility is situated just outside of historic downtown Bainbridge and benefits form an excellent average household income exceeding $150,000 within three miles of the site, far surpassing the national mean. Since 2010, Bainbridge has seen a 9.9 percent population growth.

Storage 98110 offers multiple upsides in the growing area of Bainbridge Island. With its location in a suburban neighborhood and being the only storage facility in a two-mile radius, the location proves its value in location alone. An investor can acquire a stabilized facility primed for additional expansion. The subject has forward-looking financial projections, including a cash-on-cash on return of 8.5 percent in year three. Furthermore, this site has the opportunity to increase efficiencies and visibility through the implementation of professional management and a digital presence.

Investment Highlights:

  • Excellent Opportunity to Acquire a Storage Asset with Multiple Upsides in an Affluent Suburban Component of the Seattle Metro Area
  • Unrivaled Physical and Economic Occupancies of 100 Percent and 95 Percent, Respectively
  • Limited Competition Within the Immediate Trade Area
  • Cash-on-Cash Return of 8.5 Percent in Year Three
  • Affluent Average Household Income Exceeding $150,000 Annually
  • Expansion Opportunity to Accommodate the High Demand for Storage within the Region
  • High-Barrier-to-Entry will Ensure Limited Competition and Success in the Current and Future Market
  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as Storage 98110 - Bainbridge Island, WA.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.