Own the Last Storage Facility on Bainbridge Island
6455 Fletcher Bay Road, Bainbridge Island, WA, 98110
15,500,000
Offering Price
7.03%
Cap Rate
$0
Price Per Unit
380
Number of Units
44720
Rentable Square Feet
$0
Price Per SF
Investment Summary
Storage 98110 offers a truly once-in-a-generation opportunity to acquire the last self-storage facility ever built on Bainbridge Island. The 54,775 SF facility sits on 2.36 acres of land on the main through-fare 1 mile from downtown. The facility is comprised 44,720 NRSF of fully enclosed and drive-up units.
Own the last position in supply CAPPED market at a proforma 7.0% cap. Collect ever increasing rents from the only fully indoor/secured facility in a fully occupied storage market with a customer base making over 150K per year.
No New Competition / Capped Supply
Bainbridge Island enacted a moratorium on self-storage development that has since become a permanent zoning restriction. No new developments are feasible on the island. Rental rates will continue to rise with a fully occupied market and capped supply.
Bainbridge Island
Situated West of Seattle, Washington, Storage 98110 is located at 7480 Bucklin Hill Road NE on Bainbridge Island. The island is one of the most desirable suburbs of the greater Seattle region. The facility is situated just outside of historic downtown Bainbridge and benefits from an excellent average household income exceeding $110,000 within three miles of the site, far surpassing the national mean. Since 2010, Bainbridge, WA has seen a 9.9 percent population growth. With a current population of 24,846 people, residents aged 65 years and older make up the majority of the population demographic (23.6%).
