investment highlights
- EXCELLENT LOCATION // Strategically positioned in Alameda’s desirable Marina Village district, Mariner Square enjoys 31,917 vehicles per day of visibility along Mariner Square Drive. It is surrounded by high-density residential neighborhoods, office campuses, and essential retail destinations including Target, Lucky, and Safeway. Situated on the island of Alameda, an affluent San Francisco/Oakland submarket, the property benefits from strong demand drivers and outsized growth tied to the nearby $1 billion Alameda Point redevelopment.
- CATALYST FOR FUTURE GROWTH // The transformative Alameda Point redevelopment is reshaping the area into a vibrant mixed-use district with 1,482 new homes, over 850,000 SF of commercial space, and expansive new waterfront parks. As this development brings thousands of new residents and jobs to Alameda, it is also removing over 200,000 SF of self-storage, further tightening supply. These macro-level shifts are expected to fuel sustained leasing momentum and long-term demand for Mariner Square.
- SUPPLY-CONSTRAINED MARKET // Mariner Square is the only Class A, multistory, climate-controlled facility in the submarket and commands top-of-market rents from a high-income customer base. Zoning regulations in the City of Alameda now prohibit new self-storage development, effectively eliminating the pipeline for future competition. Combined with elevated land prices and political resistance to additional storage, the market offers permanent barriers to entry that protect long-term asset performance.
- STRONG DEMOS // The three-mile trade area is dense and affluent, with over 225,000 residents and more than 100,000 households, and an average household income above $130,000. Despite this high demand, the market remains underserved, with only 6.3 SF of self-storage per capita and largely outdated competitive supply. These strong fundamentals create a compelling backdrop for ongoing rent growth and absorption.
- INSTITUTIONAL-QUALITY DESIGN // Delivered in 2022, Mariner Square is a 916-unit, 76,876 NRSF, six-story, metal-panel–skinned Class A facility. It features wide asphalt drive aisles, a covered loading bay, and a dedicated loading dock—supporting both residential and commercial demand. As a recently delivered, irreplaceable Class A asset, the property is already generating strong in-place cash flow, with meaningful upside remaining as it continues to lease up and capture market rents.
property summary
Extra Space – Alameda is a newly constructed, Class A, climate-controlled facility located on the island of Alameda—an affluent and rapidly transforming submarket within the broader San Francisco/Oakland MSA. Delivered in 2022 by Banner Storage Group and professionally managed by Extra Space Storage, the facility was built to institutional standards in alignment with Extra Space’s design and operational guidelines, offering a modern six-story metal-panel façade, wide asphalt drive aisles, a covered loading bay, and a dedicated loading dock. The property includes 916 rentable units, 76,876 net rentable square feet (NRSF), and dedicated Boat and RV parking, catering to both residential and commercial tenants with diversified storage needs.
This is a once-in-a-generation opportunity to acquire a core storage asset in a market where this product type can no longer be developed. The entitlement process for the subject required navigating complex zoning restrictions, political hurdles, and community resistance, making it one of the last storage projects ever approved in Alameda. Since its delivery, the City of Alameda has officially amended its zoning code to prohibit new self-storage development, permanently eliminating future supply. As part of the $1 billion Alameda Point redevelopment —a massive transformative endeavor repurposing much of the city’s former Navy base—involves removing over 200,000 square feet of existing self-storage as a means to make way for 1,482 new homes, 850,000+ square feet of commercial space, and expansive waterfront parks. This ongoing redevelopment is erasing older competitive product while injecting thousands of new residents and businesses, dramatically expanding demand for secure, climate-controlled storage.
Strategically located in Alameda’s Marina Village district, the subject property enjoys visibility to 31,917 vehicles per day on Mariner Square Drive and sits among dense residential neighborhoods, national retailers (Target, Lucky, Safeway), and commercial users. It is the only fully climate-controlled facility within a 3-mile radius, serving an affluent, underserved trade area with limited alternatives. The 3-mile market includes 228,493 residents, 101,121 households, and an average household income of $132,980. Market supply is critically low at just 6.3 square feet per capita, and existing competitors offer older, inferior product. As of June 30, 2025, the property was 86.5% physically occupied and 68.75% economically occupied, generating $1,265,038 in annualized trailing-1 income, with a projected Year 3 NOI of $2,456,290. In-place rents remain 26.5% below market, providing an immediate opportunity to enhance revenue through continued lease-up and rent growth.
With strong cash flow, favorable lease momentum, professional third-party management, high physical barriers to entry, and zero future supply risk, Extra Space – Alameda represents a rare, operationally de-risked, and irreplaceable self-storage investment in a permanently supply-constrained California coastal market. It is a true best-in-class facility—with climate control, boat and RV parking, and institutional design—that simply cannot be built again.
