Levin Johnston Facilitates $18.775 Million Self-Storage Facility Sale in Fremont

The Levin Johnston team of Marcus & Millichap has closed the $18.775 million sale of a 49,922 square-foot, 568-unit Extra Space Storage facility in Fremont, California. Levin Johnston represented the seller, a private real estate investor, and procured the buyer, an institutional self-storage developer, operator, and manager in the transaction.

Adam Levin, Executive Managing Director of Levin Johnston, explained that the seller had held the high-quality, cash-flowing self-storage asset, professionally managed by Extra Space Storage, for five years. This investment provided stability during an uncertain and sometimes volatile period for the Bay Area. Leveraging favorable market momentum and heightened interest in the region, the seller saw value in trading back into multifamily assets supported by the area's strong economic base and enduring appeal as a place to live and work.

The Levin Johnston team brought additional value through leveraging its extensive network of investors for a varied and competitive buyer pool. Levin noted that drawing upon deep experience with not only self-storage investors but also multifamily and other asset-class owners seeking portfolio diversification and long-term value creation enabled them to consistently bring a broader, motivated group of buyers to the table. This reach translated into a higher price per square foot, even at a lower cap rate, than recent comparables.

The transaction represents a win-win for both parties, with the buyer attracted to the opportunity to scale its Bay Area portfolio and pursue value-add enhancements to the asset over time. Matthew McCaffrey, Self-Storage Specialist – Investment Associate at Levin Johnston, added that the buyer maintains a portfolio of over 80 owned and operated self-storage properties throughout the country, with several located in the Bay Area. As a firm specializing in self-storage with expertise in development, the new owner is positioned to increase the asset's value over the long term and take it to the next level to cater to demand from surrounding populations.

McCaffrey highlighted that the Bay Area's population aged 65 and older is expected to grow significantly in the coming years, providing a strong base population more likely to utilize self-storage facilities and drive sustained demand. Robert Johnston, Executive Managing Director of Levin Johnston, emphasized that this transaction demonstrates the strength of self-storage as both an alternative and a complement to multifamily and other product types, depending on diversification and wealth-building goals.

The property at 38491 Fremont Boulevard enjoys a prime location in the heart of Fremont, benefiting from strong economic drivers from local companies including Facebook and Tesla. Situated 1.5 miles from Downtown Fremont and in close proximity to several major lifestyle amenities, the facility also provides easy access to major transportation corridors, transit, and rail systems including Interstate 680, Interstate 880, Dumbarton Bridge, ACE, Amtrak, and BART. Competitive property amenities include most units having drive-up access for easy loading and unloading, controlled access gated entry, 24-hour closed circuit surveillance, and available moving supplies on site.

With this sale, the Levin Johnston team has completed 64 transactions with a total dollar volume of more than $370 million in 2025 to date. For more information about Levin Johnston's available properties, visit https://www.levinjohnston.com.