301 1St St Yelm, WA 98597
- Investment properties
- 31,130 SF
- 2.33 lot acres
Current Use by Public Records
- Investment properties
Property Details for 301 1St St
- Year built
- 1980
- Lot size
- 2.33 lot acres
- Property size
- 31,130 SF
- Property type
- Investment properties
- Property subtype
- Self storage facilities
Description
This exceptional value-add opportunity presents a 275-unit self-storage facility located at 301 N 1st St, Yelm, WA 98597, Thurston County. The property, built between 1980 and 1994, comprises 17 single-story buildings totaling 31,130 square feet on a 2.33-acre lot (APN: 64421800600). The net rentable area is 29,432 square feet, currently boasting a 95% occupancy rate. The property is zoned C-2 Heavy Commercial, allowing for potential expansion. The asking price is $4,400,000, translating to $16,000 per unit and $141.34 per square foot. The current NOI is $258,389, yielding a 5.87% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $356,660 and an 8.11% cap rate, reflecting the potential for increased rental income. Historical occupancy rates have been exceptionally high (99-100% in 2021-2022), demonstrating strong tenant demand. Recent rent increases have been implemented, and there's potential to add 36-40 more units, further boosting revenue. Detailed financial information is available upon request. This turnkey investment offers substantial upside potential in a thriving market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Yelm
- County
- Thurston
- State
- Washington
- Longitude
- -122.604
- Latitude
- 46.9434
