1905 NE 117th St 34,463 SF Specialty Building Offered at $5,100,000 at a 5.18% Cap Rate in Vancouver, WA 98686

Salmon Creek Mini Storage represents a rare opportunity to acquire a stable, income producing self storage asset in one of Vancouver’s most economically resilient and high growth submarkets. Situated on a 2.39± acre site, the facility offers 240 units and 32,618± square feet of net rentable area, supported by strong local demographics and consistent tenant demand. With 86% occupancy, below market rental rates, and multiple operational efficiencies yet to be realized, the property is well positioned for meaningful revenue expansion under new ownership.
The facility benefits from exceptional access to both I 5 and I 205, placing it directly in the path of regional traffic and making it highly convenient for residential and commercial users. The surrounding Salmon Creek area is characterized by high median household income ($100,534), strong consumer spending power, low unemployment, and a stable, growing professional workforce. These fundamentals support long term storage demand and reduce volatility across economic cycles.
Salmon Creek Mini Storage is a well established facility with a loyal tenant base and consistent occupancy. Current standard rental rates remain below some competitors, creating immediate opportunity for rate optimization without compromising tenant retention. With occupancy already at 86%, incremental rate adjustments, targeted marketing, and improved digital presence can drive NOI growth quickly and sustainably.
The property’s existing operational model also presents opportunities for modernization. Implementing technology upgrades such as online leasing, automated billing, remote monitoring, and digital access control can reduce labor costs and streamline management. The facility is well suited for remote or satellite operation, making it an attractive addition to an existing regional portfolio or an efficient stand alone investment.
Offered at $5,100,000, Salmon Creek Mini Storage provides investors with a secure, cash flowing asset in a high income, low vacancy market. The combination of strong baseline performance and multiple value add levers — including marketing enhancements, technology integration, and rate alignment — positions the property for both near term NOI growth and long term appreciation.
The surrounding economic environment further strengthens the investment case. Vancouver’s expanding professional sectors, stable employment base, and ongoing residential development contribute to durable demand for storage solutions. As the region continues to grow, well located facilities like Salmon Creek Mini Storage are poised to benefit from increased population density and rising consumer mobility.
Salmon Creek Mini Storage offers investors a compelling blend of stability, strategic location, and untapped potential. With strong market fundamentals, below market rents, and clear operational efficiencies available to a new owner, the facility stands as a high quality acquisition opportunity in one of Southwest Washington’s most desirable submarkets.