2400 1st S Ave Seattle, WA 98134-1422
Property profile & analytics
2400 1st S Ave Seattle, WA 98134-1422
- Warehouses
- 25,821 SF
- 0.21 lot acres
Property ID
US90-1490886
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Exact Electric / Electrical Service / General Contractor
- Imperial kitchen and bar / Restaurant
- 1st Ave Self Storage / Storage Facility
- U-Haul Neighborhood Dealer / Car Rental Facility
- All Night Truck N' Trailer / Auto Repair Shop
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.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $3,780,000
- 6.5%
- $3,485,000
- 7%
- $3,240,000
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- 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
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
$39,844
$1,080,000
$3,616,600
$4,696,600
-
$1,080,000
$3,616,600
$4,696,600
