The Value-Add Northwest Portfolio consists of two properties located 1.4 miles apart in Chehalis, WA, part of the Seattle-Tacoma Combined Statistical Area encompassing 4.95 million people and approximately mid-way between Portland, OR and Seattle, WA. Chehalis is the county seat for Lewis County and together with neighboring Centralia, totals approximately 75,000 residents. The area is classified as a Qualified Opportunity Zone and has experienced steady population growth and is emerging as a key transportation and logistics hub along Interstate-5.
Pak-N-Stak (PNS) totals 231 units in 34,234 SF (148 per SF average) of building area with 91% of the RBA configured as drive-up units and 9% of the RBA second floor climate-controlled units. Jackson Highway Storage (JHS) totals 231 units in 25,178 (108 per SF average) of building area, the property also includes 32 uncovered parking spaces and an approximately 21,000 SF yard area used for contractor’s equipment storage. At Jackson Highway 37% of the RBA is outdoor drive-up units and 63% of the RBA is climate-controlled units located on the upper floors.
The portfolio currently totals 460 storage units in 58,900 SF of rental building area, 2 office units, plus 32 RV parking spaces, 56,000 SF of excess land and a storage yard. Rental upside, underutilized areas at each location, 1.28 acres excess land, and mom-and-pop management make this portfolio a rare Pacific Northwest Value Add self-storage opportunity.