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.