Drive-Up Self-Storage
For Sale
Contact for pricing
2317 102nd Street S, Tacoma, WA 98444
282-unit drive-up storage and outdoor parking facility, offered stabilized with in-place occupancy and identifiable room to reprice.
Property Size29,820 SF
Lot Size2.00 Acres
Price / SF$134.14
Days on Market55
Property Features for 2317 102nd Street S
General Information
Standard status
Active
Size
29,820 SF
Class
B
Total Parking Spaces
45
Lot size
2.00 Acres
Property subtype
Self Storage
Occupancy
71%
Investment Type
Stabilized
Net Operating Income
$182,030
Additional Details
Business Included
Yes
Building Details
Year Built
1991
Year Renovated
1998
Buildings
7
Units
282
Tenancy
Multi
Listing Agency:
Colliers - Seattle, Washington
(206) 223-1433
Listed By:
Nate Fliflet · License #103801
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 11 at 1:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Colliers - Seattle, Washington
Investment Insights
Based on property information with market context.
Sales Road Storage is a 282-unit drive-up self-storage and outdoor parking facility spread across approximately 2.0 acres, totaling 29,820 net rentable square feet. The property is offered for sale as a stabilized, cash-flowing asset, with a long-tenured tenant base. Current occupancy is reported at 71%, with in-place rents stated to trail asking street rates by roughly 23% and trail surrounding comparable rates by 25–35% across nearly every unit type. Offers are considered as submitted and the property is delivered strictly as-is.
Located in South Tacoma, the facility is described as an infill storage asset within a supply-constrained submarket. The surrounding area is noted for proximity to Joint Base Lewis-McChord and the Port of Tacoma, as well as nearby major employers including MultiCare and access to the broader Seattle metro. Demographic context provided includes a 10-mile population of 669,592, projected to exceed 687,000 within five years.
This property may appeal to investors looking to acquire an operating storage and parking platform with existing income and documented rent positioning relative to street rates and nearby comps. For buyers evaluating operations, the remarks indicate there is room to capture additional revenue through customer rate alignment and revenue-management improvements tied to the current pricing gap, without requiring capital improvements as described in the offering materials.
Located in South Tacoma, the facility is described as an infill storage asset within a supply-constrained submarket. The surrounding area is noted for proximity to Joint Base Lewis-McChord and the Port of Tacoma, as well as nearby major employers including MultiCare and access to the broader Seattle metro. Demographic context provided includes a 10-mile population of 669,592, projected to exceed 687,000 within five years.
This property may appeal to investors looking to acquire an operating storage and parking platform with existing income and documented rent positioning relative to street rates and nearby comps. For buyers evaluating operations, the remarks indicate there is room to capture additional revenue through customer rate alignment and revenue-management improvements tied to the current pricing gap, without requiring capital improvements as described in the offering materials.
Key Highlights
- 282‑unit drive‑up self‑storage and outdoor parking facility at 2317 102nd Street South, Tacoma, WA
- 29,820 net rentable SF across 2.0 acres, including drive‑up storage and outdoor parking spaces
- 71% occupied with in‑place rents trailing asking street rates by about 23% and trailing surrounding comps by 25–35%
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$256,249
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.41%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,124,980
$5.1M
Cap Rate 7%
$3,660,700
$3.7M
Cap Rate 9%
$2,847,211
$2.8M
Market Conditions
NOI Build-Up for 29,820 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$393.6K $13.20/SF
− Vacancy
−$27.6K −$0.92/SF
EGI
$366.1K $12.28/SF
− OpEx
−$109.8K −$3.68/SF
NOI
$256.2K $8.59/SF
Area
Tacoma, WA
Vacancy
7.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,124,980
Cap Rate 7%
$3,660,700
Cap Rate 9%
$2,847,211
Alternative Uses
Best Use
Warehouse
$5.54M
$4.85M – $6.46M
NOI $387,697 @ 7.0% cap · market cap 9.69%
Second Best
Self Storage
$3.66M
$3.20M – $4.27M
NOI $256,249 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$9.17M
$8.02M – $10.69M
NOI $641,607 @ 7.0% cap · market cap 16.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
504
Businesses Nearby
Explore this area
Business Placement
Demographics for 98444, WA
36,885
Population
13,762
Households
2.7
Avg Household Size
34
Median Age
15%
College-Educated
87%
High-School Grad
6.9 sq mi
ZIP Area
5,346
Density / Sq Mi
$64,464
Median Household Income
$39,829
Median Earnings
$1,581
Median Rent
$369,500
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - 282-unit drive-up storage and outdoor parking facility, offered stabilized with in-place occupancy and identifiable room to reprice.
Where is this self storage facility located?
The property is located at 2317 102nd Street S Tacoma, WA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 282‑unit drive‑up self‑storage and outdoor parking facility at 2317 102nd Street South, Tacoma, WA; 29,820 net rentable SF across 2.0 acres, including drive‑up storage and outdoor parking spaces; 71% occupied with in‑place rents trailing asking street rates by about 23% and trailing surrounding comps by 25–35%
