Heated Storage Condo with Overhead
For Sale
$225,000
5-2203 Mercedes Drive, Lynden, WA 98264
Heated self storage condo with a private bathroom and a large overhead door for convenient year-round access.
Property Size960 SF
Price / SF$234.38
Days on Market20
Property Features for 5-2203 Mercedes Drive
General Information
Standard status
Active
Size
960 SF
Amenities
heated interior
private bathroom
large overhead door
Listing Agency:
HomeSmart One Realty
(360) 738-9086
Listed By:
Darren Johnson
(360) 738-9086
Source:
Exprealty
Added: Jul 21
Changed: Jul 31
Last Checked: Aug 8 at 9:37AM
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 HomeSmart One Realty
Investment Insights
Based on property information with market context.
Own a versatile self storage condo featuring a heated interior and convenient, easy access via a large overhead door. The unit includes a private bathroom, and the storage space measures 16' x 60', providing flexible room for items such as an RV, boat, vehicles, business inventory, equipment, or seasonal belongings.
Located at 5-2203 Mercedes Drive in Lynden, WA, this storage condo is designed for year-round convenience with interior heating and direct drive-up access. The overhead door supports practical loading and unloading, making it suitable for personal storage needs as well as storage for business-related items.
Whether you’re using the space for personal storage or considering it for investment use, the property is presented as a dedicated condo unit within a storage setting.
Located at 5-2203 Mercedes Drive in Lynden, WA, this storage condo is designed for year-round convenience with interior heating and direct drive-up access. The overhead door supports practical loading and unloading, making it suitable for personal storage needs as well as storage for business-related items.
Whether you’re using the space for personal storage or considering it for investment use, the property is presented as a dedicated condo unit within a storage setting.
Key Highlights
- Heated interior for year‑round convenience
- Storage condo measures 16' x 60'
- Private bathroom included
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
$8,471
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
3.76%
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%
$169,420
$169.4K
Cap Rate 7%
$121,014
$121.0K
Cap Rate 9%
$94,122
$94.1K
Market Conditions
NOI Build-Up for 960 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
$12.7K $13.20/SF
− Vacancy
−$570 −$0.59/SF
EGI
$12.1K $12.61/SF
− OpEx
−$3.6K −$3.78/SF
NOI
$8.5K $8.82/SF
Area
Whatcom County, WA
Vacancy
4.50%
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%
$169,420
Cap Rate 7%
$121,014
Cap Rate 9%
$94,122
Alternative Uses
Best Use
Self Storage
$121.0K
$105.9K – $141.2K
NOI $8,471 @ 7.0% cap · market cap 3.76%
Second Best
Warehouse
$102.9K
$90.0K – $120.0K
NOI $7,200 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$226.5K
$198.2K – $264.2K
NOI $15,853 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
75
Businesses Nearby
Explore this area
Business Placement
Demographics for 98264, WA
23,170
Population
8,395
Households
2.8
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
57.2 sq mi
ZIP Area
405
Density / Sq Mi
$95,225
Median Household Income
$47,046
Median Earnings
$1,611
Median Rent
$538,100
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 - Heated self storage condo with a private bathroom and a large overhead door for convenient year-round access.
Where is this self storage facility located?
The property is located at 5-2203 Mercedes Drive Lynden, WA.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Heated interior for year‑round convenience; Storage condo measures 16' x 60'; Private bathroom included
