2400 1st S Ave Seattle, WA 98134-1422

Property Details for 2400 1st S Ave

Year built

1925

Construction

WOOD

Lot size

0.21 lot acres

Property size

25,821 SF

Zone code

IG2 U/85

Property type

Warehouses

Property subtype

Self storage facilities

APN

766620-6065

APU

7666206065

Description

This exceptional self-storage facility, located at 2400 1st Ave S, Seattle, WA 98134, presents a compelling value-add investment opportunity. The property encompasses 17,182 square feet of net rentable space within a two-story building situated on a 0.2-acre lot. Built in 1925 and renovated in 2006, the facility boasts 246 units, including 202 heated units, a manager's office, and 44 mailboxes. Currently operating at 57% unit occupancy and 69% square footage occupancy, this property offers significant upside potential through enhanced management practices and increased marketing efforts to capture a larger market share. The property benefits from its location in a high-demand area with limited self-storage supply (only 4.34 NRSF/Person within a 3-mile radius). The strong demographics of the surrounding area, featuring a population of 231,180 and an average household income of $166,905 within a 3-mile radius, further support the property's growth potential. The asking price is $5,150,000, with a current NOI of $258,019 and a pro-forma NOI of $341,585, representing a current cap rate of 5.01% and a pro-forma cap rate of 6.63%. The property's zoning (II U/160) allows for vertical construction up to 160 feet, presenting future development potential. On-site street parking accommodates U-Haul truck rentals. This is a prime opportunity to capitalize on the robust Seattle market and unlock significant value.

Location Insight

City

Seattle

County

King

State

Washington

Longitude

-122.334

Latitude

47.5817

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments