GARAGE PLUS STORAGE
EXECUTIVE
EXECUTIVE SUMMARY
SUMMARY
Garage Plus Storage
21607 Mountain Highway E
Spanaway, WA 98387
Price: $18,000,000
Cap Rate: 5.53%
Rentable Square Feet 107,820
Number of Units 218
Lot Size (Approximately) 20.81 AC
Economic Occupancy 84.3%
Year Built / Renovated 2010 / 2015
Vital Data
Net Operating Income $995,724
Price per NRSF $166.94
Cap Rate 5.53%
Cash-on-Cash Return 4.08%
Cap Rate - Pro Forma @ Year 2 6.17%
Cash-on-Cash Return - Pro Forma @ Year 2 5.67%
Financing Summary
Loan Amount $10,800,000
Interest Rate 4.25%
Amortization (Yrs) 25
Monthly Payment $58,507.71
DCSR 1.42
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GARAGE PLUS STORAGE
Investment Highlights EXECUTIVE SUMMARY
• Premier Seattle-Tacoma MSA Self Storage Offering The Facility holds a unique active use permit. The active use permit allows
• High-Quality, Well-Maintained Facility less than 10 Years Old (2010 – 2015) hobbyists to work on vehicles, businesses to be operated on premises, car
enthusiasts to regularly hold car shows and for a clubhouse with amenities such
• Unique Oversized “Garage” Units for Car Enthusiasts, “Man Caves” and Vehicle Storage as a kitchen, game room, TVs and showers. These activities are not allowed at
• 218 Units; 107,820 Square Feet traditional self storage facilities.
• Existing Facility Built on 8.25 acres The active use permit was issued by Pierce County at the time of development. It
is believed to be a one-of-a-kind permit for a property operating predominantly as a
• Adjacent Land Parcel of Nearly 12.6 Acres Included with the Sale
self storage facility in the County. At the time of issuance, it was believed that the
• Expansion Permits, Approvals and Plans to be Transferred with the Sale County would not issue another such permit.
• Facility Surrounded by Newer Multifamily and Retail Development and Established
Neighborhoods The existing Facility was built in phases between 2010 and 2015. It consists
of 218 rentable self storage units comprising 107,820 net rentable square feet.
• Highly-Visible Location Originally designed as for-sale condominium storage, the Facility was converted into
traditional for-rent self storage. During early Phase I development, 8 units were sold
• All Heated Units with State-of-the Art Security and Amenities
to individual owners making a total of 226 units onsite.
• Located 15 Miles South of Downtown Tacoma
The self storage units are situated in 10 separate buildings. 9 of the buildings are
• 40 Miles South of SeaTac International Airport
single-story with ground floor access. 1 building is 2 stories, but has ground floor
• Seattle-Tacoma is a Top 14 MSA with nearly 3.9 Million Area Residents access on both the upper and lower sections. Buildings are sprinklered with fire
extinguishers also located throughout the Facility.
Summary
Marcus & Millichap is pleased to offer for sale Garage Plus Storage (the “Facility”)
located in Spanaway, WA. The Property is offered at $18,000,000.
Property Overview
Garage Plus Storage is the premier self storage facility serving commercial and
residential tenants looking for large, garage-sized self storage units. The Facility
is designed for auto, marine, RV and motorcycle enthusiasts, “man caves”, active
workshops, oversized vehicle storage, offsite warehousing, small business and
residential tenants seeking secure and state-of-the art self storage with unit sizes
not commonly available at traditional self storage facilities.
