417 Wellington AveWalla Walla, WA 99362

For Sale
Call for price

Walla Walla, WA: 673 Units, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional Class A self-storage portfolio in Walla Walla, Washington, presents a compelling investment opportunity. Comprising two locations – one at 417 Wellington Ave and another at 2548 E. Isaacs Ave – the portfolio encompasses a total of 673 units and 92,445 net rentable square feet. The Wellington Avenue location, built in 2018, currently boasts an 84% occupancy rate as of July 16, 2024, while the newer Isaacs Avenue location (built in 2023) has a 28% occupancy rate. Both properties feature a mix of drive-up and climate-controlled units, enhanced by secure access, surveillance systems, and convenient online payment options. The portfolio benefits from a strong local rental market, with an average rental rate near $1.09 per square foot and overall market occupancy near 90%. The current Net Operating Income (NOI) is $473,864, with a pro-forma NOI projected at $925,740. The properties sit on a combined 4.97 acres of commercially zoned land and are held in fee simple ownership. The portfolio utilizes Syrasoft storage software. The average household income in the area is $80,305. Seller financing is available. Offers are due August 13th, 2024. This is a stabilized facility with significant value-add potential.

Highlights

  • Two-property self-storage portfolio.
  • 673 total units, 92,445 net rentable square feet (NRSF).
  • Wellington Storage: 210 units, 26,370 NRSF, 84% occupancy.
  • Isaacs Storage: 463 units, 66,075 NRSF, 28% occupancy (opened August 2023).
  • $1.09/SF average market rent.
  • Market near 90% physical occupancy.

Property Details for 417 Wellington Ave

Property type
Self storage facilities, Industrial properties
Square Feet
92,445 SF
Class
A
Buildings
15
Stories
1
Lot Size (sq. ft)
216,493 SF
Units
673

Location Insight

City
Walla Walla
County
Walla Walla
State
Washington
Latitude
46.0767071
Longitude
-118.310142
417 Wellington Ave, Walla Walla, Washington

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417 Wellington Ave
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