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.
- 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