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Bremerton Sale Breaks Kitsap County Self-Storage Facility Record

Bremerton Sale Breaks Kitsap County Self-Storage Facility Record
The Kitsap Lake Storage sale set a record for price per square foot for self-storage facilities in Kitsap County.

The Kitsap Lake Storage facility in Bremerton recently sold for $16M in an all-cash transaction. The sale equates to $205/SF, which is a record price per square foot for self-storage units in Kitsap County.

The storage facility, which overlooks Kitsap Lake, is at 6400 Kitsap Way in Bremerton off Highway 3. It includes 709 self-storage units and sits on 3.75 acres. Built in 2006, the complex contains six self-storage buildings and a 1,250 SF rental office. It has a mix of exterior and interior corridor units all with ground-floor drive-up access.

“Kitsap Lake Storage generated strong buyer interest and multiple offers quickly,” Marcus & Millichap Seattle Senior Vice President Investments and National Self Storage Group Senior Director Christopher R. Secreto said in a statement.

The facility was purchased by a local limited liability company. Secreto listed the property and also secured the institutional buyer.