Core West Coast Self-Storage Opportunity – Renton, WA
4815 NE 4th Street, Renton, WA 98059
Built in 2001 as a 62,131 NRSF heated drive up facility and expanded in 2018 with 41,609 NRSF of Class A multi-story product, the Property spans 103,740 NRSF feet across 1,245 units offering a highly desirable unit mix.
The Property is prominently positioned at one of the busiest intersections in the Renton Highlands (NE 4th Street and Duvall Ave NE); both heavily trafficked corridors connecting upscale residential neighborhoods with daily needs retail and area freeways.
The three-mile trade area has strong demographics, supply-constraints, and high entry barriers; an exceptional combination for long-term self-storage appreciation. Approximately 99,663 residents live nearby with average household income of $151,153. Storage supply totals just 5.34 SF per capita, with no new supply and prohibitive zoning, underscoring the constrained nature of the local market.
Physical occupancy is 85% by square footage (80.0% by units), with economic occupancy of 85%. In-place rents of $2.13/SF trail the weighted market average of $2.21/SF. This represents immediate upside by driving both occupancy and rent growth. Further, two small adjacent parcels represent low-cost, low-complexity expansion potential.
Storage One on 4th represents a truly rare convergence of in-place performance, meaningful upside potential, a supply constrained market, and high entry barriers in one of the most dynamic MSA’s in the nation.