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    6455 Fletcher Bay Rd Bainbridge Island, WA 98110

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    For Sale
    Contact for pricing

    Class A facility, high growth potential.

    Property size:
    54,775 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents the acquisition of Storage 98110, a Class A, 54,775 square foot self-storage facility located on Bainbridge Island, Washington. Completed in 2023, this two-building, two-story facility boasts 44,720 net rentable square feet and comprises 220 units. Currently operating at 51% occupancy (as of February 3, 2023), this property offers significant upside potential for lease-up. Situated on a 2.36-acre lot at 6455 Fletcher Bay Rd NE, 98110, it benefits from a prime location just one mile from downtown. The property features 12+ foot ceilings and ample parking (10 spaces). Importantly, the City of Bainbridge Island has enacted a permanent moratorium on new self-storage development, guaranteeing a supply-constrained market with strong rental rate growth potential. This is the only Class A, fully climate-controlled self-storage facility on the island, further enhancing its competitive advantage. The pro-forma cap rate is 7.00%. The permitted zoning is LM. The property's construction year is 2018/2023, with renovations completed in 2023. The APN is 4178-000-028-0105. This is a fee-simple ownership opportunity

    Property Features for 6455 Fletcher Bay Rd

    General Information

    Property type
    Self storage facilities
    Square Feet
    54,775 SF
    Class
    A
    Lot Size
    102,802 SF

    Building Details

    Year Built/Renovated
    2018/2023
    Buildings
    2
    Stories
    2
    Units
    220

    HighLights

    • Class A, 54,775 square foot self‑storage facility in Bainbridge Island, WA, built in 2023.
    • 44,720 net rentable square feet with 220 units, currently 51% occupied (as of February 3, 2023).
    • Prime location, one mile from downtown Bainbridge Island, on a 2.36‑acre lot at 6455 Fletcher Bay Rd NE, 98110.
    • Features 12+ foot ceilings, ample parking (10 spaces), and is fully climate‑controlled.
    • Benefits from a permanent moratorium on new self‑storage development, creating a supply‑constrained market with strong rental growth potential; the only Class A facility of its kind on the island.
    • 7.00% pro‑forma cap rate; LM zoning; APN 4178‑000‑028‑0105; fee‑simple ownership.
    Property Profile Location Intelligence

    Current Use by Public Records

    Self storage facilities

    Suggested Use

    Law Firm Spa & Massage Auto Repair Shop Gym & Fitness Pharmacy Accounting Firm Hotel & Motel Department Store Daycare Center Storage Facility

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bainbridge Island
    County
    Kitsap
    State
    Washington
    Longitude
    -122.54954160049
    Latitude
    47.622163875068

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    FAQs

    What type of property is this?
    Self storage facility - Class A facility, high growth potential.
    Where is this self storage facility located?
    The property is located at 6455 Fletcher Bay Rd Bainbridge Island, WA.
    What are key features of this property?
    This property features: Class A, 54,775 square foot self-storage facility in Bainbridge Island, WA, built in 2023.; 44,720 net rentable square feet with 220 units, currently 51% occupied (as of February 3, 2023).; Prime location, one mile from downtown Bainbridge Island, on a 2.36-acre lot at 6455 Fletcher Bay Rd NE, 98110.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    6455 Fletcher Bay Rd Bainbridge Island, WA 98110
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