News: Front Section
Posted: April 15, 2016
Marcus & Millichap arranges $19 million sale of Affordable Self Storage
Affordable Self-Storage, 162 Bouton Street - Norwalk, CTNorwalk, CT Marcus & Millichap arranged the sale of Affordable Self Storage, a 77,760 s/f self-storage facility. The property sold for $19 million, which equates to $242 per s/f.
“This property is an immaculately maintained self-storage asset with all of the amenities of a high-class indoor storage facility, plus it has a history of high occupancy,” said Brett Hatcher, a Marcus & Millichap vice president investments. “The asset provides the new owner with stable cash flow and offers upside potential through rental increases, insurance sales and expense management.”
Affordable Self-Storage is located at 162 Bouton St. The facility has visibility along the Metro North Rail line, which runs from Norwalk to New York City and carries 136,000 riders per day, on average. The property is in an area with a population of 71,379 that has an average household income of $117,198.
The asset was built on a 3.97-acre lot in 1989 and is composed of 879 units, of which 477 units are climate controlled. The units range in size from 25 s/f to 500 s/f. Amenities include drive-up access to ground-level units, individual door alarms, complete fire protection, and easy-to-use lifts.
Hatcher and Joseph Holloway, a Marcus & Millichap associate, both in the firm’s Columbus office, represented the seller, Paul and John Hertz, a private partnership based in Darien Conn., and procured the buyer. J.D. Parker of Marcus & Millichap is the firm’s broker of record in Conn.
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