Levin Johnston Facilitates $18.775 Million Self-Storage Sale in Fremont, Highlighting Bay Area Investment Trends

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, representing a significant transaction in the Bay Area commercial real estate market. Levin Johnston represented the seller, a private real estate investor, and procured the buyer, an institutional self-storage developer, operator, and manager. According to Adam Levin, Executive Managing Director of Levin Johnston, the seller had held this high-quality, cash-flowing self-storage asset, professionally managed by Extra Space Storage, for five years, providing 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 a strong economic base and enduring appeal of the area as a place to live and work. Levin notes that the Levin Johnston team was able to bring additional value through leveraging its extensive network of investors for a varied and competitive buyer pool. 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, the team consistently brings a broader, motivated group of buyers to the table. In this case, that reach translated into a higher price per square foot, even at a lower cap rate, than recent comparables.

The trade is a win-win for the seller and the buyer, who was attracted to the opportunity to scale its Bay Area portfolio and pursue value-add enhancements to the asset down the line. Matthew McCaffrey, Self-Storage Specialist – Investment Associate at Levin Johnston, adds that the buyer has 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 and 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 the demand from surrounding populations. McCaffrey adds that the Bay Area’s 65-year-plus population is expected to grow significantly in the coming years, providing a strong base population more likely to utilize self-storage facilities and drive demand.

Robert Johnston, Executive Managing Director of Levin Johnston, says 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 team is focused on expanding its self-storage platform to continue capturing those opportunities for clients. The property is located in the heart of Fremont, which has been the beneficiary of strong economic drivers from local companies including Facebook and Tesla. Situated 1.5 miles from Downtown Fremont and in close proximity to several other major lifestyle amenities, it also enjoys 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 for customers, controlled access gated entry, 24-hour closed circuit surveillance, and available moving supplies on site. The asset is located at 38491 Fremont Boulevard in Fremont, California. With this sale, the Levin Johnston team of Marcus & Millichap 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 $200 million in available properties, visit https://www.levinjohnston.com.