1.5-Acre Self-Storage Development Parcel Trades for $11m
BETHESDA, Md., Jan. 6, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 1.5-acre parcel of land, located in Bethesda, Maryland. The buyer plans to redevelop the site with a class-A self-storage facility, according to Bryn D. Merrey, senior vice-president/division manager of the firm’s Mid-Atlantic and Southeastern offices. The land sold for $11 million, approximately $7.3 million per acre.
1784 Capital Holdings to Develop Self-Storage Facility in Bethesda, MD
1784 Capital Holdings LLC intends to develop a self-storage facility on 1.5 acres in Bethesda, Md. The company acquired the property at 5204 River Road for $11 million. It will redevelop the site, which currently houses an automotive body shop, according to Bryn Merrey, senior vice president and division manager of the firm’s mid-Atlantic and Southeast offices.
Self-Storage Development Site Sells for $11M
1784 Capital Partners is planning to develop a new self-storage facility on the 1.5-acre parcel in Bethesda, Md.
A Self-Storage Buyer's Guide to Understanding and Calculating Facility Value
Self-storage facilities provide their owners with a lucrative source of income and a nice lifestyle. However, buying a business isn’t a simple process. It requires a hefty initial investment, which makes the ability to accurately value a property essential—both at the time of purchase as well as when it comes time to sell.
Real Estate Roundup: Self-Storage Transactions December 2016
Carefree Storage in Carthage, N.Y., was sold to a private investor. Built in 1986, the property at 10889 State Route 26 comprises 53,952 of net rentable square feet of storage space in 443 units and outdoor parking spaces. The seller, also a private investor, was represented in the transaction by Mele, Luke Elliott and Kevin Menendez of Marcus & Millichap. Mele and Elliott also represented the buyer.