Multi-Family•Mid-Rise•For Sale

Canyon Mini Storage

9424 Canyon Rd E., Puyallup, Washington 98371

Sale Price $2,150,000
Sale Type Investment
Zoning RNC, Pierce County
Bldg Type Multi-Tenant
Year Built 1995
Cap Rate 6.69%
Vacancy 95%
Gross Bldg 16,444 SqFt
Land Area 1.03 Acres
Project Size 57
Net Op Inc $143,815.35
Market South Tacoma
Sub-Market Puyallup
100% occupied cash flow property for sale. Canyon Creek mini storage is 57 unit / 4,336 sqft self-storage facility located on busy Canyon road near SR-512. The property includes a 6,800 sqft NNN office/warehouse that is being leased to a growing auto repair business and a 1,700 sqft manufactured home that is currently being rented. The property offers a value add upside on the self-storage and makes the facility an excellent investment now and for the future. The balance of tenants and property types provide all weather investment that will perform in multiple market conditions. The location in South Tacoma is primed for growth and the area is experiencing very low vacancy sub 10% in both industrial and self-storage space. This demand will continue as industry and population shift south and high barriers to entry restrict new supply. The property will continue to benefit from the highly visible location near a busy retail center. Located on busy Canyon Road in Puyallup
  • 100% occupied 4,336 sqft self-storage facility
  • NNN auto repair tenant have recently remodeled 6,800 sqft rented space
  • House on site can function as a rental for additional income or a live in manager or owner occupied unit
  • Property in located in a an area experiencing economic and population growth
  • Good balance of income streams from multiple tenants and property types provide a diversified property investment
  • Development potential with General Commercial zoning 45 ft height allowance and reduced setbacks
  • Property appraised in 2016 (available by request) for $1.8M before rent escalations and AMS Auto NNN lease payments
11/29/2018 8:08:11 PM 12/5/2018 6:45:09 PM
Andrew Hunter
Director of Self Storage
SVN | Raven

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