Bainbridge Island Self-Storage
6455 Fletcher Bay Rd NE Bainbridge Island, WA 98110
6455 Fletcher Bay Rd NE, Bainbridge Island, WA, 98110
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For Sale
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Newly constructed, climate-controlled storage facility on Bainbridge Island.
Property Size54,775 SF
Lot Size2.36 Acres
Price / SF$259.24
Days on Market1335
Property Features for 6455 Fletcher Bay Rd NE
General Information
- Standard status
- Active
- Size
- 54,775 SF
- Lot size
- 2.36 Acres
- Property subtype
- Self Storage
Listing Agency
Hunter Investments
Listed by
Andrew Hunter · License #WA 21037202
Source
Crexi
Added: Nov 23, 2022 Checked: Jul 19 at 5:10 am
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
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.
Local Financial Insights For Self Storage
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $788.8k | $14.40 |
| − Vacancy | −$39.4k | −$0.72 |
| EGI | $749.3k | $13.68 |
| − OpEx | −$224.8k | −$4.10 |
| NOI | $524.5k | $9.58 |
54,775 SF · lease $14.40/SF/yr · vacancy 5.00% · expense 30.00%
Alternative Uses
Best Use
Self Storage
$7.49M
$6.56M – $8.74M
NOI $524,525 @ 7.0% cap · market cap 3.69%
Second Best
Industrial
$4.84M
$4.24M – $5.65M
NOI $338,871 @ 7.0% cap · market cap 2.39%
Theoretical Best
Specialty Retail
$18.26M
$15.98M – $21.31M
NOI $1,278,531 @ 7.0% cap · market cap 9.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Self storage facilities
Similar For Sale Nearby
FAQs
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 $14,200,000.
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.**
