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.
- 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