Posted by Poppy Behrens on Mar 24, 2016 12:00:00 AM


Affordable Self Storage NORWALK, Conn., March 22, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Affordable Self Storage, a 77,760-net-rentable-square-foot self-storage facility in Norwalk. The property sold for $19 million, which equates to $242 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,” says 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. in Norwalk. 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 property is situated in an area with a population of 71,379 that boasts 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 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.

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 Connecticut, and procured the buyer. J.D. Parker is the firm’s broker of record in Connecticut.

About Marcus & Millichap (NYSE: MMI)

With over 1,500 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com