Downtown Seattle Self-Storage & Permitted Expansion – Seattle, WA
1100 Poplar Place South, Seattle, WA 98144
Built in 1956 and repositioned for self-storage use in 1985, the existing facility spans 32,799 NRSF across 460 units and is 97% occupied. In-place rents of $2.36/SF trail the weighted market average of $2.71/SF, and targeted capital upgrades create a clear path to drive revenue growth.
The Property includes a fully entitled, permitted expansion on an adjacent parcel totaling 45,245NRSF (61,837 gross SF) across 471 units, which would bring total future capacity to 78,044 NRSF and 931 units at build-out. Permits were secured prior to a citywide zoning change that now severely restricts new self-storage development, making this expansion a rare path to scale in an otherwise closed market.
High-exposure frontage along Interstate-90 (140,000 vehicles daily) and Rainier Avenue S (23,000 vehicles daily) connects the site to downtown Seattle. Judkins Park Station, part of the newly opened 2 Line light rail extension connecting downtown Seattle to Bellevue and Redmond, sits two blocks south and is driving significant infill redevelopment: over 9,826 multifamily units have been delivered within a one-mile radius since 2015, with 2,223 more under construction or planned.
Surrounding neighborhoods include the high-growth Judkins Park and Central District, alongside the established, high-income Leschi, Mount Baker and Beacon Hill neighborhoods. The three-mile trade area totals 222,320 residents with average household income of $171,958, against just 4.90 SF of self-storage supply per capita. The Property also sits within a designated Opportunity Zone, offering potential tax advantages.
Seattle Self Storage combines stable in-place performance, embedded rent upside, and an irreplaceable, fully-permitted expansion in one of the most supply-constrained, high-barrier trade areas in the Pacific Northwest.