Cushman & Wakefield’s Self-Storage Advisory Group (CWSSAG) was exclusively engaged to represent the sale of 1st Ave Self Storage, a 17,182 SF, three-story Self-Storage facility located in Seattle’s highly visible and industrial SODO district. The property consists of 202 climate-controlled storage units, a manager’s office, and 44 mailboxes, situated on a compact 0.2-acre parcel directly across from Starbucks Corporate Headquarters and within walking distance of both T-Mobile Park and Lumen Field.
At launch, the facility was 57% occupied by units and 69% occupied by square footage, offering a clear upside through more sophisticated operational strategies and marketing efforts. With strong drive-by exposure on 1st Ave (15,000+ vehicles daily) and just minutes from downtown Seattle, the asset sits in a dense, undersupplied trade area featuring 4.34 NRSF per capita within a three-mile radius.
CWSSAG approached the owner through a cold call in early 2024, identifying the asset as a strong candidate for strategic disposition. At the time, the owner had been exploring the market but had not formally listed the property. Following multiple discussions and a detailed Broker Opinion of Value, we brought the property to market in the fall with a pricing guide near $5 million.
However, despite strong initial interest, feedback from the market identified a key pricing disconnect. While the location and upside were appealing, the relatively low occupancy combined with a disproportionate share of income derived from U-Haul truck rentals and merchandise sales—rather than core storage revenue—was viewed as a significant drawback by most buyers. These non-traditional income streams contributed to underwriting hesitation and made the original pricing difficult to support.
CWSSAG worked closely with the owner to reposition the offering by adjusting pricing expectations in response to real-time market feedback. This pricing discovery process and re-engagement with active buyers ultimately renewed market momentum.