Investment Overview

Marcus & Millichap is pleased to offer for sale Pak-A-Nut Storage (the “Facility”) located in Bellingham, WA. The Facility is offered at $10,000,000. Bellingham is located northwest Washington state. It is approximately 20 miles south of the Canadia border. Bellingham’s strategic location near the Canadian border attracts both business activity and seasonal visitors who need storage solutions. Facility Description Pak-A-Nut Self Storage is a well-located self-storage facility in the coastal city of Bellingham, Washington. Situated along Marine Drive just minutes from downtown Bellingham, the Port of Bellingham, and Interstate 5, the property serves both residential and commercial customers throughout Whatcom County. Its location provides convenient access for nearby neighborhoods, Western Washington University students, contractors, small businesses, and recreational vehicle owners traveling throughout the Pacific Northwest. Pak-A-Nut Storage offers a range of unit sizes serving both residential and commercial storage needs. It consists of 382 self-storage units, 58,410 rentable square feet including an additional 2~ acres of undeveloped land available for expansion. The site is situated on 1 tax parcel of 5.88 acres. The Facility was built in 2006-7 and consists of 13 self-storage buildings plus a separate 2,100 SF warehouse. The buildings were built on concrete slabs with all-metal framing, metal roll-up doors and metal roofs. All buildings are single-story with all exterior drive-up units. The warehouse is situated outside of the front gate and has been primarily used for owner’s personal storage. It also houses the kiosk, computer and security systems and has in-floor radiant heating ideal for vehicles or other moisture sensitive property. The site is paved with asphalt and the Facility is secured with perimeter fencing. Entrance is accessed through an electronic gate with keypad access. The Facility is equipped with 24-hour surveillance and a modern security system. The site is protected with security cameras and fire sprinklers. The Facility has had several recent upgrades and improvements, such as: • New kiosk installed (Sep 2025) • New protective awning installed above kiosk (Sep 2025) • New onsite desktop computer (Jan 2025) • New LED exterior lights installed throughout Facility (Mar 2025) • Upgraded Power Backup Inverter with Back-up Batteries (Aug 2024) • New Power Backup Inverter Charging System (Aug 2024) Originally developed to serve both personal and vehicle storage needs, the property includes traditional drive-up storage units along with outdoor parking for boats, RVs, and work vehicles. The facility is designed with wide drive aisles and ground-level units, allowing tenants to load and unload directly from their vehicles. This layout is particularly attractive for contractors, service businesses, and customers storing large household items during relocations. One of the property’s unique features is its fully automated rental kiosk system, which allows customers to rent units, make payments, and receive gate access codes at any time of day. This system significantly reduces staffing requirements while providing tenants with a convenient self-service experience. Online account management also allows customers to make payments, update billing information, and manage their storage units remotely. Security features include controlled gated access, perimeter fencing, and security camera monitoring, helping protect tenant belongings while maintaining ease of access. The facility’s simple drive-up design and efficient layout create a practical and cost-effective operating model compared to larger climate-controlled properties. Bellingham is one of Washington’s fastest-growing small cities and functions as a regional hub between Seattle and Vancouver, British Columbia. The city’s strong population growth, outdoor recreation culture, and expanding small business sector have created consistent demand for flexible storage solutions. Pak-A-Nut Self Storage benefits from this demand by offering a variety of unit sizes, automated rental technology, and convenient 24-hour access. Unit Mix: Pak-A-Nut Self Storage offers a range of unit sizes designed to meet the needs of both residential and commercial tenants. 5’ x 10’ Small household items, boxes, seasonal storage 10’ x 10’ One-bedroom apartment contents 10’ x 15’ Two-bedroom home furniture 10’ x 20’ Household storage or small business inventory 10’ x 25’ Vehicle or contractor equipment storage 12’ x 30’ Large storage, boat or trailer storage In addition to enclosed storage units, the property also offers outdoor parking spaces designed for: • Boats • Recreational vehicles (RVs) • Trailers • Commercial vehicles Market Fundamentals: Bellingham’s self-storage market benefits from several favorable long-term trends: Population Growth: Whatcom County continues to experience steady population growth as residents relocate from the Seattle metropolitan area seeking lower housing costs and a high quality of life. University Demand: Western Washington University enrolls more than 15,000 students, many of whom require short-term storage during summer breaks or relocations. Outdoor Recreation: The city’s proximity to the San Juan Islands, Mount Baker, and numerous lakes creates strong demand for boat, kayak, and RV storage. Cross-Border Commerce: Bellingham’s location near the Canadian border attracts both business activity and seasonal visitors who require temporary storage solutions. Investment Highlights • Strong Regional Location • Convenient access to downtown Bellingham, Interstate 5, and the Port of Bellingham. • Efficient Drive-Up Layout • Ground-level units allow easy loading and unloading with minimal operational complexity. • Automated Rental System • Self-service kiosk reduces staffing requirements and enables 24-hour rentals. • Diverse Tenant Base • Serves homeowners, university students, contractors, and recreational vehicle owners. • Additional Revenue from Vehicle Storage • Outdoor RV and boat parking provides incremental income potential. Summary: Pak-A-Nut Self Storage represents a well-located and operationally efficient self-storage property within the growing Bellingham market. The facility’s combination of automated rentals, drive-up storage units, and vehicle parking creates a flexible and scalable business model capable of serving a broad customer base. With steady population growth, strong recreational demand, and continued economic expansion in Whatcom County, the property is well positioned to maintain consistent occupancy and stable long-term cash flow. Occupancy: As of March 2026, self-storage was 57% occupied by units, 59% by square feet and 57% economically occupied. Prospective Purchasers: The Facility would appeal to every investor interested in owning a self-storage facility. Existing local self-storage owners could add an established facility to an existing portfolio. The Facility would also appeal to an exchange or cross-product buyer who would be attracted to the stable cash flow and ease of management that storage provides. An owner of multifamily properties would be intrigued by an asset with similar operational characteristics. Location: Bellingham, Washington, is a coastal city of roughly 96,000 residents, serving as the cultural and economic center of Whatcom County. Nestled between Bellingham Bay and the foothills of the North Cascades, the city blends natural beauty, a diversified economy, and a vibrant university influence. Its population has grown steadily—about 4.8% since 2020—driven by in-migration from Seattle, California, and British Columbia, as well as a strong appeal to retirees and remote workers seeking a slower pace of life. Economic Drivers: Bellingham’s economy is broad and resilient, anchored by education, healthcare, manufacturing, retail, and government. Tourism and outdoor recreation also play a major role, with visitors drawn to the waterfront, historic districts, and Mount Baker. Top Economic Sectors • Education: WWU is a major employer and economic engine, supporting thousands of jobs and driving demand for housing, retail, and services. • Healthcare: PeaceHealth St. Joseph Medical Center anchors a sector generating more than $1.7 billion annually countywide. • Retail Trade: With nearly $3 billion in annual sales, retail is one of the region’s strongest sectors. • Tourism & Hospitality: Hotels, restaurants, and outdoor recreation contribute more than $400 million annually. • Manufacturing: Aerospace components, food processing, and marine industries provide stable employment. • Government: City, county, and tribal governments collectively employ thousands. Top 10 Employers 1. PeaceHealth St. Joseph Medical Center 2. Western Washington University 3. Bellingham Public Schools 4. Whatcom County Government 5. City of Bellingham 6. BP Cherry Point Refinery* 7. Phillips 66 Ferndale Refinery* 8. Fred Meyer / Kroger 9. Lummi Nation / Lummi Tribal Enterprises 10. Alcoa Intalco Works (historically significant; operations vary) *Located in nearby Ferndale/Blaine but among the region’s largest employers. Top 10 Attractions 1. Fairhaven Historic District 2. Whatcom Falls Park 3. Mount Baker Ski Area 4. Boulevard Park & South Bay Trail 5. Chuckanut Drive 6. Larrabee State Park 7. SPARK Museum of Electrical Invention 8. Bellingham Farmers Market 9. Lake Padden Park 10. Marine Life Center Overall Character Bellingham offers a rare blend of small-city charm, university energy, and world-class outdoor access. Its economy is stable, its cultural scene is lively, and its natural surroundings—from the Salish Sea to the Cascades—shape daily life. For residents and visitors alike, Bellingham delivers a balanced, community-oriented lifestyle with strong long-term growth potential.