Infill Self Storage
For Sale
$4,500,000
922 W Evelyn Avenue, Sunnyvale, CA 94086
Infill self-storage asset with gated digital access, on-site management office, and 24/7 video surveillance.
Property Size11,651 SF
Lot Size0.51 Acres
Price / SF$386.23
Days on Market97
Property Features for 922 W Evelyn Avenue
General Information
Standard status
Active
Size
11,651 SF
Lot size
0.51 Acres
Property subtype
Commercial/Industrial
Additional Details
Traffic Count
15,221 vehicles/day
Sprinkler System
Yes
Building Details
Year Built
1985
Year Renovated
2023
Stories
2
Tenancy
Multi
Listing Agency:
Marcus & Millichap
(650) 391-1700
Listed By:
Adam S. Levin · License #01462752
(650) 391-1782
Source:
Exitrealty
Added: Jun 2
Changed: Sep 5
Last Checked: Jul 23 at 8:10AM
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 Marcus & Millichap
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
Property Profile
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
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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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 Avenue 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
