Bodega Self Storage Coupeville

Coupeville

2021

Value-add acquisition of an existing self storage, RV & boat storage facility in Coupeville, WA.

Investment Thesis

Whidbey Island is a long and skinny island stretched 56 miles from the Deception Pass bridge at the northern end to Clinton ferry dock at the southern end.
Most of the island self storage facilities are clustered in either the northern or southern end. This property is strategically located in the center of the island where only two other storage facilities have been built due to strict zoning restrictions.

The acquisition also represented a rare opportunity to buy into the Whidbey Island market where self storage assets are few and rarely traded. The sellers were a self described "mom and pop operation" who had built a beautiful facility, but didn't use any property management software, accounting software, or online marketing. Most importantly, they didnt apply the various self storage revenue managment strategies which are common in the market today.