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Self-storage acquisition guides
The reasoning behind each number in a storage underwrite, with worked examples and sources. Start with the walkthrough if you're new to storage.
- How to Underwrite a Self-Storage DealOne facility, start to finish: rent roll, T12, stabilization, debt, exit and returns.
- Self-Storage Cap RatesWhat published surveys report for cap rates, and how to pick going-in and exit caps.
- Value-Add Self StorageWhere the NOI growth in an under-managed facility comes from, line by line.
- Physical vs. Economic OccupancyUnit, square-foot and economic occupancy, and why the gap between them matters.
- Property Tax ReassessmentWhy the seller's tax bill is not your tax bill, and how to underwrite the difference.
- Ancillary IncomeTenant protection, fees, retail and truck rental: how to underwrite each line.
- Due Diligence ChecklistWhat to request and verify, mapped to the underwriting input each item confirms.
- Reading a T12 and Rent RollHow to reconcile seller financials, the rent roll and bank deposits.
- Self-Storage ReturnsCash-on-cash, IRR, equity multiple and yield on cost: formulas and what drives them.
- Self-Storage LoansBank, SBA, CMBS and seller financing compared, and how lenders size a loan.
- SBA Loans for Self StorageSBA 7(a) and 504 terms from sba.gov and how each fits a storage acquisition.
- Seller FinancingStructuring a seller second behind a bank loan, and what it does to DSCR and returns.