Marcus & Millichap announced the sale of Middle Island Self Storage, a 74,061 s/f 726-unit self-storage facility managed by Public Storage in Middle Island, New York. The property sold for $25 million, which equates to $34,435 per unit.
“Self-storage properties have been remarkably resilient over the past 18 months,” said Nathan Coe of Marcus & Millichap’s Columbus, Ohio office. “In June, increased demand lowered the national self-storage vacancy rate to a multi-decade low of 5.5% and revived rent growth across the country. Middle Island Self Storage is a high-quality, stabilized asset located within a well-populated and affluent submarket in Suffolk County.”
Nathan Coe, Brett Hatcher and Gabriel Coe represented the seller and procured the buyer. John Krueger, vice president and regional manager, is Marcus & Millichap’s broker of record in the state of New York.
Constructed in 2019 on five-plus acres, the property is located on Middle Country Road in a high-traffic area surrounded by retail, restaurants, car dealerships, schools, and residential neighborhoods. The three-building facility has an on-site management office, keypad entry, and 24-hour video surveillance. The majority of the units are climate controlled. At the time of the sale, the property was 91 percent physically occupied.