2400 1St AveSeattle, WA 98134

Property Details for 2400 1St Ave

Year built

1925

Construction

WOOD

Lot size

0.21 AC

Property size (Sq ft)

25,821 SF

Zone code

IG2 U/85

Property type

Industrial properties

Property subtype

Other warehouses

APN

766620-6065

APU

7666206065

Description

This exceptional self-storage facility, located at 2400 1st Ave S, Seattle, WA 98134, presents a compelling value-add investment opportunity. The property encompasses 17,182 square feet of net rentable space within a two-story building situated on a 0.2-acre lot. Built in 1925 and renovated in 2006, the facility boasts 246 units, including 202 heated units, a manager's office, and 44 mailboxes. Currently operating at 57% unit occupancy and 69% square footage occupancy, this property offers significant upside potential through enhanced management practices and increased marketing efforts to capture a larger market share. The property benefits from its location in a high-demand area with limited self-storage supply (only 4.34 NRSF/Person within a 3-mile radius). The strong demographics of the surrounding area, featuring a population of 231,180 and an average household income of $166,905 within a 3-mile radius, further support the property's growth potential. The asking price is $5,150,000, with a current NOI of $258,019 and a pro-forma NOI of $341,585, representing a current cap rate of 5.01% and a pro-forma cap rate of 6.63%. The property's zoning (II U/160) allows for vertical construction up to 160 feet, presenting future development potential. On-site street parking accommodates U-Haul truck rentals. This is a prime opportunity to capitalize on the robust Seattle market and unlock significant value.

• Alternative Use

  Use

  Valuation

  Residential

  $7,997,686

  Hospitality

  $7,325,838

  Educational

  $6,095,011

  Medical

  $6,304,628

  Retail

  $9,481,128

Location Insight

City

Seattle

County

King

State

Washington

Latitude

47.5817

Longitude

-122.334

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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