Self-Storage Asset in Fairfield County Commands $19M

Marcus & Millichap has arranged the sale of Affordable Self Storage, a 77,760-net-rentable-square-foot facility in Norwalk, Conn.

Norwalk, Conn.–A new owner has emerged for Affordable Self Storage, a 77,760-net-rentable-square-foot self-storage property in Norwalk.

Affordable Self Storage in Norwalk, Conn.

Affordable Self Storage in Norwalk, Conn.

Marcus & Millichap has facilitated the sale of the property, which changed hands for $19 million, or nearly $245 per square foot.

“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,” Brett Hatcher, a Marcus & Millichap vice president of investments, said in prepared remarks. “The asset provides the new owner with stable cash flow and offers upside potential through rental increases, insurance sales and expense management.”

Located at 162 Bouton St., Affordable Self Storage was built on a 3.97-acre-lot in 1989 and contains 879 units, of which 477 units are climate controlled. The units range in size from 25 square feet to 500 square feet. Amenities include drive-up access to ground-level units, individual door alarms, complete fire protection and easy-to-use lifts.

The facility has excellent 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 area where the property is situated has a population of 71,379 residents and boasts an average household income of $117,198.

The seller, Paul and John Hertz, a private partnership based in Darien, Conn., was represented in the transaction by Hatcher and Joseph Holloway, a Marcus & Millichap associate, both in the firm’s Columbus office. Marcus & Millichap also procured the buyer. J.D. Parker is the firm’s broker of record in Connecticut.

Image courtesy of Marcus & Millichap