6455 Fletcher Bay Rd Bainbridge Island, WA 98110
- Self storage facilities
- 54,775 SF
- 2.36 lot acres
Current Use by Public Records
- Self storage facilities
Property Details for 6455 Fletcher Bay Rd
- Year built
- 2018
- Lot size
- 2.36 lot acres
- Property size
- 54,775 SF
- Property type
- Self storage facilities
Description
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
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
- Bainbridge Island
- County
- Kitsap
- State
- Washington
- Longitude
- -122.55
- Latitude
- 47.6222
