Infill Self Storage
For Sale
$4,500,000
922 W Evelyn Ave, Sunnyvale, CA 94086
Infill self-storage asset with gated digital access, on-site management office, and 24/7 video surveillance.
Property Size14,471 SF
Lot Size0.51 Acres
Price / SF$386.23
Days on Market83
Property Features for 922 W Evelyn Ave
General Information
Standard status
Active
Size
14,471 SF
Lot size
0.51 Acres
Property subtype
Self-Storage Facility
Occupancy
97%
Additional Details
Traffic Count
15,221 vehicles/day
Sprinkler System
Yes
Amenities
HIGH BARRIERS TO ENTRY // Rare opportunity to acquire a "jewel box" self-storage asset in the heart of Silicon Valley where limited land availability, and strict zoning restrict new development.
EXCEPTIONAL STORAGE FUNDAMENTALS // Favorable market conditions with approximately 4.41 square feet per capita within a three-mile radius signal strong demand drivers and continued rent growth.
EXCELLENT VISIBILITY AND ACCESS // Positioned along West Evelyn Avenue with exposure to over 15,000 vehicles per day, the property benefits from strong visibility and consistent drive-by traffic.
Building Details
Building Size
14,471 SF
Year Built
1985
Year Renovated
2023
Stories
2
Units
109
Tenancy
Multi
Listed By:
Dean Trammell · License #License(s): CA: 02180807
(415) 625-2138
Source:
Marcusmillichap
Added: Jun 24
Changed: Sep 12
Last Checked: Sep 13 at 4:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Dean Trammell
Investment Insights
Based on property information with market context.
Storage Corner Sunnyvale is a fully built self-storage facility comprising 109 units within a single two-story building. Constructed in 1985 and renovated in 2023, the property is designed for efficient operation and includes gated access with digital keypad entry, an on-site management office, and 24/7 video surveillance. Unit access is supported by a mix of roll-up door units plus drive-up and interior options, along with lift access to upper levels. The facility also features fire sprinkler systems and tenant convenience amenities including handcarts and dollies, along with online bill pay and flexible leasing options.
Strategically positioned along West Evelyn Avenue, the property benefits from strong visibility and exposure to approximately 15,221 vehicles per day. The site covers approximately 0.51 acres (APN: 165-20-021).
Strategically positioned along West Evelyn Avenue, the property benefits from strong visibility and exposure to approximately 15,221 vehicles per day. The site covers approximately 0.51 acres (APN: 165-20-021).
Key Highlights
- Infill self‑storage facility in Sunnyvale with 109 units and 11,651 net rentable SF
- Built in 1985 and renovated in 2023; fully built out on approx. 0.51 acres (APN: 165‑20‑021)
- Gated access with digital keypad entry plus 24/7 video surveillance
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$283,669
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.30%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,673,380
$5.7M
Cap Rate 7%
$4,052,414
$4.1M
Cap Rate 9%
$3,151,878
$3.2M
Market Conditions
NOI Build-Up for 11,651 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$373.3K $32.04/SF
− Vacancy
−$39.6K −$3.40/SF
EGI
$333.7K $28.64/SF
− OpEx
−$50.1K −$4.30/SF
NOI
$283.7K $24.35/SF
Area
Sunnyvale, CA
Vacancy
10.60%
Lease Rate
$32.04 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,673,380
Cap Rate 7%
$4,052,414
Cap Rate 9%
$3,151,878
Alternative Uses
Best Use
Warehouse
$4.05M
$3.55M – $4.73M
NOI $283,669 @ 7.0% cap · market cap 6.30%
Second Best
Self Storage
$1.54M
$1.35M – $1.80M
NOI $108,047 @ 7.0% cap · market cap 2.40%
Theoretical Best
Office A
$5.06M
$4.43M – $5.91M
NOI $354,401 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
15,221 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
619
Businesses Nearby
Explore this area
Business Placement
Demographics for 94086, CA
50,175
Population
21,264
Households
2.4
Avg Household Size
34
Median Age
70%
College-Educated
94%
High-School Grad
4.4 sq mi
ZIP Area
11,403
Density / Sq Mi
$180,217
Median Household Income
$113,343
Median Earnings
$2,923
Median Rent
$1,784,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Self storage facility - Infill self-storage asset with gated digital access, on-site management office, and 24/7 video surveillance.
Where is this self storage facility located?
The property is located at 922 W Evelyn Ave Sunnyvale, CA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Infill self‑storage facility in Sunnyvale with 109 units and 11,651 net rentable SF; Built in 1985 and renovated in 2023; fully built out on approx. 0.51 acres (APN: 165‑20‑021); Gated access with digital keypad entry plus 24/7 video surveillance
