8417 Myers RdLake Tapps, WA 98391

Property Details for 8417 Myers Rd

Year built

1972

Lot size

1.58 AC

Property size (Sq ft)

26,783 SF

Property type

Industrial properties

Property subtype

Self storage facilities

Description

This stabilized self-storage facility in Lake Tapps, WA, presents a compelling investment opportunity. The property boasts 205 units across eight single-story buildings, totaling 26,783 square feet on a 1.58-acre lot. Built in 1972 and 1979, the facility features low-maintenance steel roofing and siding. Currently operating at 89% occupancy, it generates a substantial net operating income (NOI) of $272,000, yielding a 6.48% cap rate. The asking price is $4,200,000, translating to $156.82 per square foot and $21,951 per unit. All units offer convenient ground-level drive-up access. Additional income streams are derived from six RV/boat parking spaces, one commercial office unit, and eighteen mailboxes. An on-site leasing office and resident manager apartment are included. The property benefits from excellent visibility and signage along Highway 410, providing easy access to major arterials and surrounding communities. Bonney Lake's restrictions on new self-storage development further enhance the property's value and long-term potential. The location enjoys strong demographics, with above-average household incomes within a five-mile radius. A comprehensive security monitoring system ensures peace of mind.

Location Insight

City

Lake Tapps

County

Pierce

State

Washington

Latitude

47.1801

Longitude

-122.191

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