6455 Fletcher Bay RdBainbridge Island, WA 98110

For Sale
Call for price

Class A facility, high growth potential.

Overview

Added:
Dec 11, 2024
Days on market:
92
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

Highlights

  • Class A, 54,775 square foot self-storage facility in Bainbridge Island, WA, built in 2023.
  • 44,720 net rentable square feet with 220 units, currently 51% occupied (as of February 3, 2023).
  • Prime location, one mile from downtown Bainbridge Island, on a 2.36-acre lot at 6455 Fletcher Bay Rd NE, 98110.
  • Features 12+ foot ceilings, ample parking (10 spaces), and is fully climate-controlled.
  • Benefits from a permanent moratorium on new self-storage development, creating a supply-constrained market with strong rental growth potential; the only Class A facility of its kind on the island.
  • 7.00% pro-forma cap rate; LM zoning; APN 4178-000-028-0105; fee-simple ownership.

Property Details for 6455 Fletcher Bay Rd

Property type
Self storage facilities, Industrial properties
Square Feet
54,775 SF
Class
A
Year Built/Renovated
2018/2023
Buildings
2
Stories
2
Lot Size (sq. ft)
102,802 SF
Units
220

Location Insight

City
Bainbridge Island
County
Kitsap
State
Washington
Latitude
47.622163875068
Longitude
-122.54954160049
6455 Fletcher Bay Rd, Bainbridge Island, Washington

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6455 Fletcher Bay Rd
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