Coastal NorCal Self-Storage Portfolio
Santa Cruz & Salinas, CA
The portfolio totals 141,813 net rentable square feet (NRSF) of storage and 29,873 square feet of parking across 1,517 units. The portfolio has a combined occupancy of approximately 95% on both a square footage and unit basis. Both facilities were built in 2021 and are comprised of climate-controlled, elevator-served units, positioned well ahead of the older, first generation competitive sets that dominate each trade area.
The Santa Cruz store totals 74,838 NRSF across 800 units and offers 100% climate-controlled units. It is currently (as of August 2026) 96% occupied and is the first self storage facility built in its trade area since 2000 — and the only facility in the market offering climate control on every floor. In-place rents average $2.25/SF which is well below the $3.00+/SF being achieved by nearby REIT-managed and older competitors, supporting substantial revenue growth. Santa Cruz’s Downtown Plan Expansion, approved by the California Coastal Commission, calls for up to 1,600 new housing units and a potential new arena south of Laurel Street, in a trade area where average household incomes already exceed $154,000 and apartment rents exceed $3,400/month.
The Salinas store sits on 5.0 acres and totals 66,975 NRSF with 608 units. It also has a large parking area totaling 29,873 RSF and 109 spaces. The Self-Storage units are currently (as of August 2026) 94% occupied and the parking area is 91% occupied. In-place rents average $2.34/SF with similar competing facilities approx. 15-18% higher. The project offers high-visibility frontage on Rossi Street into downtown Salinas and is two minutes from freeway access Salinas anchors the $8B+ Salinas Valley agriculture and emerging ag-tech economy — Reservoir Farms recently broke ground with Driscoll’s, John Deere, Taylor Farms, and Western Growers as partners — and sits ahead of a targeted 2028 Caltrain rail extension and a Housing Element calling for 6,674 new residential units through 2031.
Both submarkets share a similar story: very limited to no new self storage supply has been delivered in either trade area in the past five years, and only one project is currently in planning in each market. High construction costs and land scarcity continue to constrain new development, protecting the in-place rent growth runway. Combined, the portfolio offers a rare opportunity to acquire two newer-vintage, climate-controlled assets in supply-constrained coastal Northern California markets, with durable in-place cash flow, meaningful mark-to-market rent upside, and the operating leverage of two assets within the same regional footprint.