Bainbridge Island Self-Storage
For Sale
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6455 Fletcher Bay Rd NE, Bainbridge Island, WA 98110
Newly constructed, climate-controlled storage facility on Bainbridge Island.
Property Size54,775 SF
Lot Size2.36 Acres
Price / SF$251.94
Days on Market1426
Property Features for 6455 Fletcher Bay Rd NE
General Information
Standard status
Active
Size
54,775 SF
Class
A
Total Parking Spaces
10
Lot size
2.36 Acres
Property subtype
Self Storage
Zoning
LM
Occupancy
66%
Investment Type
Value Add
Net Operating Income
$459,421
Building Details
Year Built
2018
Year Renovated
2023
Buildings
2
Stories
2
Units
264
Tenancy
Multi
Listing Agency:
Hunter Investments
Listed By:
Andrew Hunter · License #WA 21037202
Source:
Crexi
Added: Nov 23, 2022
Changed: Oct 3
Last Checked: Oct 16 at 6:04AM
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 Hunter Investments
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Investment Insights
Based on property information with market context.
This self-storage facility, known as Storage 98110, presents a unique opportunity, as it is the last such facility to be built on Bainbridge Island. The newly constructed facility encompasses 54,775 square feet and is situated on 2.36 acres of land. It is located on the main thoroughfare, one mile from downtown. The City of Bainbridge Island has implemented a permanent zoning restriction that prohibits new self-storage developments, making this a rare offering. Storage 98110 is the only Class A, fully climate-controlled facility on the island. The property is positioned to benefit from rising rental rates due to a fully occupied market and capped supply. Furthermore, over 225 new housing units are planned for construction by 2025.
Key Highlights
- Only self‑storage facility ever built on Bainbridge Island due to permanent zoning restriction.
- Newly constructed, 54,775 SF Class A facility.**
- Only fully climate‑controlled self‑storage facility on the island.**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$524,525
Cap Rate
3.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,490,500
$10.5M
Cap Rate 7%
$7,493,214
$7.5M
Cap Rate 9%
$5,828,056
$5.8M
Market Conditions
NOI Build-Up for 54,775 SF
Gross rent
$788.8K $14.40/SF
− Vacancy
−$39.4K −$0.72/SF
EGI
$749.3K $13.68/SF
− OpEx
−$224.8K −$4.10/SF
NOI
$524.5K $9.58/SF
Area
Kitsap County, WA
Vacancy
5.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,490,500
Cap Rate 7%
$7,493,214
Cap Rate 9%
$5,828,056
Alternative Uses
Best Use
Self Storage
$7.49M
$6.56M – $8.74M
NOI $524,525 @ 7.0% cap · market cap 3.80%
Second Best
Industrial
$4.84M
$4.24M – $5.65M
NOI $338,871 @ 7.0% cap · market cap 2.46%
Theoretical Best
Specialty Retail
$18.26M
$15.98M – $21.31M
NOI $1,278,531 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
49
Businesses Nearby
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Business Placement
Demographics for 98110, WA
24,825
Population
10,728
Households
2.3
Avg Household Size
51
Median Age
75%
College-Educated
99%
High-School Grad
27.6 sq mi
ZIP Area
899
Density / Sq Mi
$159,882
Median Household Income
$77,528
Median Earnings
$2,081
Median Rent
$1,076,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
Frequently Asked Questions
What type of property is this?
Self storage facility - Newly constructed, climate-controlled storage facility on Bainbridge Island.
Where is this self storage facility located?
The property is located at 6455 Fletcher Bay Rd NE Bainbridge Island, WA.
What is the asking price?
The asking price for this property is $13,800,000.
What are key features of this property?
This property features: Only self‑storage facility ever built on Bainbridge Island due to permanent zoning restriction.; Newly constructed, 54,775 SF Class A facility.**; Only fully climate‑controlled self‑storage facility on the island.**
