301 1St StYelm, WA 98597

Property Details for 301 1St St

Year built

1980

Lot size

2.33 AC

Property size (Sq ft)

31,130 SF

Property type

Investment properties

Property subtype

Other investment properties

Description

This exceptional value-add opportunity presents a 275-unit self-storage facility located at 301 N 1st St, Yelm, WA 98597, Thurston County. The property, built between 1980 and 1994, comprises 17 single-story buildings totaling 31,130 square feet on a 2.33-acre lot (APN: 64421800600). The net rentable area is 29,432 square feet, currently boasting a 95% occupancy rate. The property is zoned C-2 Heavy Commercial, allowing for potential expansion. The asking price is $4,400,000, translating to $16,000 per unit and $141.34 per square foot. The current NOI is $258,389, yielding a 5.87% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $356,660 and an 8.11% cap rate, reflecting the potential for increased rental income. Historical occupancy rates have been exceptionally high (99-100% in 2021-2022), demonstrating strong tenant demand. Recent rent increases have been implemented, and there's potential to add 36-40 more units, further boosting revenue. Detailed financial information is available upon request. This turnkey investment offers substantial upside potential in a thriving market.

Location Insight

City

Yelm

County

Thurston

State

Washington

Latitude

46.9434

Longitude

-122.604

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