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Rucker Storage

Rucker Storage2020-07-10T12:38:35-04:00

Project Description

The Self Storage Advisory Group of Cushman and Wakefield has been exclusively selected to offer for sale Rucker Storage in Everett, Washington; a critical component of the Seattle Metropolitan Area.

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NRSF – 19,100

3007 Rucker Ave
Everett, WA 98201

Rucker Storage is comprised of 19,100 net rentable square feet on approximately 0.3 acres of land. The facility currently offers 425 well-maintained climate-controlled units in the heart of Everett, which is approximately 25 minutes from downtown Seattle. To ensure a secure premise, the facility is well-equipped with 24-hour video surveillance, door alarms and logged access. The subject offers a wide variety of storage options with elevator access for consumer convenience. Rucker Storage has a strong physical and economic occupancy of 88 percent, which is indicative of the need for self-storage within this thriving division of the Seattle Metropolitan Area.

The subject property is ideally situated at the center of downtown Everett, with excellent proximity to all of the region’s resources and amenities. The site benefits from an excellent average household income exceeding $79,000 within three miles of the site, surpassing the national mean. Additionally, the site will benefit from a solid projected growth rate of 1.1 percent annually over the next four years. The facility offers direct frontage along Rucker Avenue, which sees traffic counts of over 22,000 vehicles per day. The property is approximately 1.5 miles from Interstate 5, which witnesses over 183,000 vehicles daily. Rucker Storage will continue to benefit from a centralized location in one of the most desirable components of the Greater Seattle region.

Rucker Storage allows an investor the ability to acquire a stabilized self-storage asset with multiple upsides, including forward-looking financials. The subject has a projected leveraged IRRs of 21.3 percent and 20.5 percent in years five and seven, in addition to a cash-on-cash return of 10.2 percent in year three. An investor can benefit by growing rental rates to meet the market; the facility’s 5×10 climate-controlled rates are well below the comparable average. Additionally, the site can further increase revenue by bolstering the current tenant insurance program and implementing a truck rental program. This is an excellent opportunity to acquire a cash-flowing facility with an established market footprint, as demonstrated by the site’s solid occupancies. Rucker Storage encompasses the ideal attributes of a turn-key storage investment with excellent financials, a centralized location and a well-renowned reputation within the local market.

Investment Highlights:

  • Stabilized Self Storage Investment in a Thriving Division of the Seattle Metro Area
  • Annual Household Income of Over $79,000 Within Three Miles
  • Strong Physical and Economic Occupancies of 88 Percent, Demonstrating a Significant Market Presence
  • Direct Frontage Along Rucker Avenue and 1.5 Miles from Interstate 5, with Traffic Counts of Over 22,000 and 183,000 Vehicles Daily
  • Leveraged IRR of 21.3 Percent in Year Five and a Cash-on-Cash Return of 10.2 Percent in year Three
  • Bolster Tenant Insurance and Implement Truck Rentals for Additional Revenue
  • Upside Through Raising 5×10 Rental Rates to Meet the Market Average

  • 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 Rucker Storage.

    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.

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No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.