Recently I announced the sale of 19th Avenue Self
Storage located in the city of San Francisco, California. I was the exclusive listing agent and sole
broker of the transaction. The seller
was a local independent limited liability company. The buyer was an affiliate of iStorage, a
national fast growing chain of over sixty self storage properties.
19th
Avenue Self Storage is a hi-density urban infill property located in the
Ingleside District in the city of San Francisco. The multi-story property has over 800 units
of various sizes. The facility includes
some climate controlled units and some 24 hour access units.
The property sold for $9,80,000 and included the assumption
of an existing “conduit” loan.
This is an outstanding combination of excellent location and
consistently high occupancy in a very strong rental market with high barriers
to entry. It is another example of how
it is an excellent time for both self storage buyers and sellers as we are
seeing historically high prices and low cost of funds in virtually all markets
of California and nationwide.
That is a really large amount of money that was paid for this property. I cannot even begin to fathom having $980,000 to just go and spend on something. At least it is going towards something like this that people can benefit from. I can't wait to see where things are going.
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