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PSC Fresno, LLC Acquires Cherry Ave Self Storage For $8.2M

Property Image
SOLD
$8,200,000

California

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Self Storage
Sold 05/15/2024
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Property Image
SOLD

PSC Fresno, LLC Acquires Cherry Ave Self Storage For $8.2M

1844 South Cherry Avenue

See Similar Deals
Self Storage
Sold 05/15/2024
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Self Storage
Transaction Type:Sale

The Cherry Ave Self Storage, a 1,085-unit facility in Fresno, California, was sold for $8.2 million. Situated on 5.74 acres at 1844 S Cherry Ave, the property offers excellent visibility from State Route 41, with underserved self-storage market conditions and a strategic location less than a mile from downtown Fresno.

Summary of transaction details:

  • Property Type: Self Storage
  • Transaction Amount: $8,200,000
  • Units: 1,085
  • Price Per Unit: $7,558
  • Market: Fresno
  • Buyer: PSC Fresno, LLC
  • Seller: Public REIT
  • Broker: Brian Somoza - JLL

JLL Capital Markets, led by Managing Director Brian Somoza, facilitated the $8.2 million sale of the property. The buyer, PSC Fresno, LLC, an affiliate of Pratt Street Capital, LLC, acquired this self-storage facility in Fresno, California.

Players

Brian Somoza
JLL
Brian Somoza
25 deals$382.6M volume
BROKER

Details

SOLD
IMAGE: 05/15/2024 ADDRESS: 1844 South Cherry Avenue MARKET: Fresno ASSET TYPE: Self Storage ~ ACRES: 5.74 BUYER: PSC Fresno, LLC BROKER: Brian Somoza - JLL SALE PRICE: $8,200,000 UNITS: 1,085 ~ PPU: $7,558 NOTE: JLL Capital Markets announced the completion of the $8.2 million sale of Cherry Ave Self Storage, a 1,085-unit facility in Fresno, California, representing the public REIT seller and securing the buyer, PSC Fresno, LLC, an affiliate of Pratt Street Capital, LLC. Situated on 5.74 acres at 1844 S Cherry Ave, the property offers excellent visibility from State Route 41, with underserved self-storage market conditions and strategic location less than a mile from downtown Fresno. Led by Managing Director Brian Somoza, the JLL Capital Markets Investment Sales and Advisory team facilitated the transaction.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$437,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$29,132.88
Cash-on-Cash Return-1.27%
Monthly Debt Service$38,872.18
Annual Debt Service$466,466.20