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2400 1st Ave S - 1st Ave Self Storage

17,426 SF Speciality Building Offered For Sale in Seattle, WA 98134

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Investment Highlights

Top 15 MSA with high barriers to entry for future storage developments
Occupancy Upside – potential to grow occupancy in under-supplied trade area
Exceptional Demographics – 231,180 Population and $166,905 Average Household Income in 3-mile trade area

Operational Upside – opportunity to implement professional management systems and practices
Future development Potential – (II U/160) zoning allows for vertical construction up to 160 feet

Executive Summary

1st Ave Self Storage is a 17,182 SF, 3 story self-storage facility on a 0.2 acre parcel and includes 202 heated storage units. The property also features a manager’s office and 44 mailboxes. Street parking around the facility is currently utilized for the Property’s U-Haul truck rental.
The Property is only 57% occupied by units and 69% occupied by square footage, offering significant upside potential. The property will further benefit by implementing more sophisticated management practices. Total self-storage supply on a 3 mile radius is only 4.34 NRSF/Person.
1st Ave Self Storage is located along 1st Avenue in the SODO district of Seattle; directly across the street from Starbucks Corporate Headquarters and less than a half-mile south of T-Mobile Park, home to the MLB’s Seattle Mariners, and Lumen Field, home to the NFL’s Seattle Seahawks. The location benefits from 1st Avenue’s close proximity to downtown Seattle and outstanding drive by exposure along 1st Ave; which runs the length of the city connecting Georgetown/South Park neighborhoods to the south, with the Seattle Center/Space Needle on the northside of downtown.

Property Facts

Sale Type	Investment	Building Size	17,426 SF
Property Type	Speciality	Number of Floors	2
Property Subtype	Self-Storage	Year Built/Renovated	1925/2007
Building Class	B	Parking Ratio	0.19/1,000 SF
Lot Size	0.21 AC	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Sale Type	Investment
Property Type	Speciality
Property Subtype	Self-Storage
Building Class	B
Lot Size	0.21 AC
Building Size	17,426 SF
Number of Floors	2
Year Built/Renovated	1925/2007
Parking Ratio	0.19/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.