15610 272Nd St, Kent, WA 98042

Exceptional investment opportunity: a Class A, newly constructed (2022) self-storage facility in Kent, WA, at 15610 SE 272nd St, 98042. This 50,560-square-foot facility boasts 573 units (545 climate-controlled, 28 drive-up), averaging 89 square feet each. The property sits on a 3.82-acre lot and features a strong current performance, with a trailing twelve-month NOI (ending 02/29/2024) of $213,318, despite being in a late-stage lease-up phase. Projected first-year NOI is $403,971, with stabilized NOI projected at $1.5 million after the completion of a planned expansion. Market rents, as reported by Yardi Matrix on 4/15/2024, are $1.57/square foot, with a 6.48 square feet per capita and 10x10 unit rental rates. The property also includes approved plans for a 42,166-square-foot expansion, ready for immediate development. This turnkey investment offers a compelling 5.50% cap rate and is being offered for sale unpriced, based on current market conditions. The sale includes the fee simple interest in the property, with an option for a buyer allocation to goodwill. Offers are due May 7, 2024. The property is being sold as-is, where-is, with any applicable contractor warranties.