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 located at 38491 Fremont Boulevard in Fremont, California. The transaction underscores the resilience of self-storage as an asset class and its appeal to institutional investors seeking to expand their presence in the Bay Area.
Adam Levin, Executive Managing Director of Levin Johnston, stated that the seller, a private real estate investor who previously focused on multifamily, held the property for five years. During that period, the facility, professionally managed by Extra Space Storage, provided stable cash flow amid market uncertainty. The seller capitalized on favorable market momentum to redeploy capital into multifamily assets, supported by the region's strong economic base and desirability as a place to live and work.
Levin noted that the team's extensive network of investors generated a competitive buyer pool, leading to a higher price per square foot despite a lower cap rate compared to recent comparable sales. The buyer, an institutional self-storage developer, operator, and manager with a portfolio of over 80 properties nationwide, was attracted to the opportunity to scale its Bay Area holdings and pursue value-add enhancements.
Matthew McCaffrey, Self-Storage Specialist – Investment Associate at Levin Johnston, emphasized that the buyer's expertise positions them to increase the asset's value over the long term and meet demand from surrounding populations. He added that the Bay Area's 65-plus-year population is projected to grow significantly, driving demand for self-storage services.
Robert Johnston, Executive Managing Director, remarked that the transaction demonstrates self-storage's strength as both an alternative and complement to multifamily investments. The firm is expanding its self-storage platform to capture similar opportunities for clients.
The property is situated in central Fremont, benefiting from economic drivers such as Facebook and Tesla, and is 1.5 miles from Downtown Fremont. It offers easy access to major transportation corridors including Interstates 680 and 880, the Dumbarton Bridge, and transit systems like ACE, Amtrak, and BART. Amenities include drive-up access, controlled entry, 24-hour surveillance, and on-site moving supplies.
With this sale, the Levin Johnston team has completed 64 transactions totaling over $370 million in 2025. For more information on available properties, visit levinjohnston.com.
