Self-storage remains one of the most resilient and adaptable sectors in commercial real estate. Whether it’s a brand-new development or a turnaround project, successful investing depends on a disciplined evaluation process. At Dahn Corporation, our 40+ years in the industry have taught us that smart acquisition decisions start long before a deal closes.

In this guide, we break down the core factors we analyze before moving forward on an investment, giving you insight into how a seasoned team identifies the right opportunities.

Step 1: Scoring the Location

A great location isn’t just about visibility from the road. The due diligence process for a new acquisition or ground-up development must first establish that a sustainable and growing demand for storage exists in the chosen area.1 Without this foundational understanding, even the most well-managed and well-designed facility will struggle to generate sufficient returns.

 Our evaluation includes a location scoring model that factors in:

  • Demographics: We assess the surrounding population density, income levels, and household trends.
  • Traffic Patterns: How easily can customers reach the property, and is it in their natural travel path?
  • Proximity to Demand Drivers: Residential growth, universities, military bases, and commercial hubs all impact occupancy potential.

Location scoring helps us compare opportunities on a level playing field and avoid markets that look promising on paper but lack sustainable demand.

The Four Drivers of Demand

The demand for self-storage is often driven by predictable life-cycle events and economic realities. These are commonly summarized by the “4 D’s”, Downsizing, Decluttering, Divorce, and Death, and the “4 B’s”, Basements, Babies, Budget, and Bedrooms.2 These events create a temporary or permanent need for space that cannot be accommodated within a home or business. For example, a homeowner might need temporary storage during a renovation or a parent might rent a unit to store a child’s belongings after they have moved out. An investor’s market analysis must, however, go beyond these generalities to assess how these factors specifically manifest in the local market.

A Deeper Dive into Demographics

To truly understand local demand, a deeper demographic analysis is required. Key indicators include population growth, urbanization trends, and local economic factors.1 Markets with strong population growth often signal a growing need for storage solutions, particularly in areas experiencing a high volume of new housing developments.1 The ratio of renters to homeowners is another critical data point, as different tenant profiles have distinct storage needs. College towns and urban markets with a high percentage of renters or students typically demand a larger mix of smaller, more affordable units, as these groups often require storage during academic breaks or while transitioning between apartments.5 Conversely, markets with a higher percentage of homeowners tend to require a greater number of larger units for storing furniture, seasonal items, or business equipment.5 A sophisticated analysis requires a micro-level view, scrutinizing consumer behavior within a small trade area that can be as compact as a one-mile radius, rather than relying on broad, regional data.7

Assessing Supply and Competition

Overlooking local market competition is one of the most significant and costly mistakes an investor can make.8 A crucial metric for determining market saturation is the “square feet per capita,” which measures the gross square feet of storage space available for each person within a given area.3 The national average for self-storage inventory is approximately 7 to 8 net square feet per capita.3 A market with a per-capita inventory above this benchmark is generally considered oversupplied, indicating that new development or acquisition may be challenging. Conversely, a market with an inventory below this average is typically considered undersupplied, signaling potential for growth.

Beyond this quantitative metric, a thorough competitive survey is essential.11 This involves a detailed, in-person assessment of other facilities in the vicinity to compare their rates, occupancy levels, amenities, and overall physical condition.1 Consistently low occupancy rates across multiple competitors can be a significant red flag, suggesting that market demand is insufficient to support the existing supply.1 It is also critical to look at future supply by checking with local planning and zoning agencies for any self-storage projects in the application or approval stages of construction, as these future developments could fundamentally reshape the competitive landscape and dilute demand.7

A common misstep is to assume a market is ripe for investment based on a low square-feet-per-capita metric alone. The qualitative aspect of competition, such as the presence of well-established, aggressive competitors or large-scale projects already in development, can turn a seemingly undersupplied market into an oversaturated one. A thorough market analysis, therefore, must be a dynamic forecasting exercise that looks beyond present numbers to future supply and demand trends.

Key Self-Storage Market IndicatorsBenchmark/Data PointInterpretation for Investors
Square Feet per CapitaNational average is 7-8 net square feet per person 3Above-average may indicate an oversupplied market; below-average may signal an undersupplied opportunity.
Occupancy RatesNational average was 92% as of 2020 14Consistently low rates across a market may indicate weak demand or operational issues.
Population GrowthVaries by region, but generally, 1% per year is considered strong 3High growth suggests a strong potential for increasing future demand for storage solutions.
Renter-to-Homeowner RatioVaries widely by location 3High renter populations often correlate with demand for smaller units, while homeowners may need larger units.

2. Ground-Up Feasibility and Navigating the Development Maze

Ground-up development presents an opportunity to build a modern, purpose-built facility that is perfectly tailored to the local market. However, this path is complex and fraught with risks, particularly in the initial feasibility, permitting, and due diligence phases.

The Anatomy of a Feasibility Study

A professional feasibility study is a foundational requirement for ground-up development and is often mandated by lenders.11 Its primary goal is to determine whether a project makes sense from a financial and logistical standpoint.15 A comprehensive study includes several key components: a property and neighborhood description, a detailed demographic report and analysis, a competition survey, and a pro forma for income and expenses.11 It is this study that provides the crucial data needed to make decisions on the total square footage, the types of buildings, and the optimal unit mix.7 A simple, albeit imperfect, rule of thumb for determining the maximum land cost is the “66% rule,” which suggests that the most an investor can pay for the land is approximately 66% of the averaged annual rent per square foot of typical units.15 While a useful heuristic for initial screening, this rule must be supplanted by a rigorous financial pro forma for accurate valuation and planning.

Zoning and Due Diligence: The Non-Negotiables

A project can be halted indefinitely if the land is not properly zoned for self-storage.10 Zoning information is typically available through city or county websites, but investors must be diligent, as even properly zoned land may require a conditional-use permit or be subject to specific ordinances.12 The due diligence process must also include a thorough review of the title to ensure there are no liens or other encumbrances on the property.1 For older parcels, an environmental assessment may be necessary to identify any potential contamination.1 Verifying the Certificate of Occupancy and checking with the local building department for any outstanding violations are also critical steps to avoid future legal and financial headaches.12

Community Pushback and Municipal Moratoriums

A growing challenge for ground-up development is navigating community opposition and municipal pushback. City officials and community groups may oppose self-storage facilities due to concerns over aesthetics, a lack of job creation, and the potential displacement of more “desirable” land uses, such as manufacturing or residential businesses.19 This opposition has led to the implementation of moratoriums, outright bans, or specific stipulations on self-storage development in cities across the country.20 For example, some cities have mandated a minimum distance between facilities or required specific design features, such as a retail component on the ground floor to encourage public activity and maintain neighborhood character.19

While these restrictions create significant hurdles, they also create a strategic advantage for a sophisticated investor. The complexity of navigating this regulatory landscape serves as a high barrier to entry, which, once overcome, can limit future competition.21 An investor who can successfully engage with local authorities and communities, perhaps by designing a facility with an aesthetically pleasing facade or a compatible mixed-use component, can turn a potential deal-breaker into a durable competitive advantage.17

Site-Specific Considerations

The physical characteristics of a potential parcel are just as important as the surrounding market conditions. The shape and size of the land determine the efficiency of the facility’s layout; while flexible, a rectangular or square parcel is often ideal for maximizing rentable square footage and creating an efficient traffic flow.16 Visibility and ease of access are crucial for a business that relies on drive-by traffic; successful facilities are often located on roads with high volumes of local commuters.16 The site survey must also account for critical details like the proper driveway radius for large moving vans and boat/RV storage, as neglecting these seemingly small details can create a poor customer experience and lead to long-term operational issues.8

3. Building Design: Maximizing Efficiency and Tenant Experience

The design of a self-storage facility is a strategic function that must balance construction costs, operational efficiency, and the customer experience. A well-designed facility not only maximizes profitability but also creates a durable asset that can outperform competitors in a crowded market.22

Strategic Unit Mix and Layout

The unit mix, the variety of unit sizes and types offered, is not a one-size-fits-all solution.13 It must be a direct derivative of a micro-level analysis of local demographics and demand to ensure that the facility offers what tenants in the area actually need.5 Failing to align the unit mix with market demand can lead to prolonged vacancies and reduced income, a common and costly mistake for new investors.13 The layout itself must be designed to maximize the use of available land, ensuring as many rentable units as possible can fit within the space without hindering customer convenience.5 This includes wide driveways that can accommodate a range of vehicles and straightforward layouts that are easy to navigate.5

Single-Story vs. Multi-Story: A Cost-Benefit Analysis

There are two primary site layouts for self-storage facilities, each with distinct advantages and disadvantages. Single-story facilities, with buildings spread out across the lot, are generally less expensive to construct and operate, requiring fewer materials and less labor.25 This layout allows for convenient drive-up access to every unit, which is highly valued by many customers.24 Multi-story facilities, on the other hand, stack units vertically, making them more land-efficient and an ideal solution for high-density urban areas where land is scarce and expensive.24 However, this design requires the added expense and complexity of elevators and more intricate internal layouts, which can be less convenient for customers.24 The choice between these two layouts is a strategic decision that depends on the parcel’s size and shape, land costs, and the specific demands of the target market.23

Single-Story vs. Multi-Story Facility ComparisonSingle-StoryMulti-Story
Land UsageRequires more land, spread out layout 24More land-efficient, vertical stacking 24
Construction CostsLower upfront costs, less labor 25Higher costs due to structural complexity, elevators, and more materials 24
Operational CostsSimpler design reduces maintenance and operational expenses 25Potentially higher maintenance costs for elevators, HVAC, and interior common areas 24
Customer ConvenienceDirect drive-up access to every unit 24Requires navigation of elevators and internal hallways 24
Market SuitabilityIdeal for suburban and rural markets with affordable land 25Optimal for high-density, urban markets with expensive land 24

Building for the Future

Modern self-storage facilities must incorporate design best practices to create a durable, secure, and customer-friendly asset. Security is a top priority for tenants, and a good design includes perimeter fencing, computer-controlled access gates, surveillance cameras, and ample lighting.5 Beyond security, design should prioritize customer convenience through amenities like climate-controlled units to protect sensitive belongings from extreme temperatures and humidity.5 In a competitive market, a facility’s design can also serve as a powerful marketing tool. An aesthetically pleasing facility with manicured landscaping and clear, well-lit signage creates curb appeal and a strong first impression, which can attract higher-paying customers.8

A facility’s design can also be leveraged for long-term operational and financial benefits. A value engineering approach, which systematically identifies and eliminates unwanted costs in the design phase, can lead to substantial savings in both construction and long-term maintenance.27 The use of durable materials and energy-efficient systems, such as LED lighting and sensor-based tactics, reduces utility costs and enhances the Net Operating Income (NOI), thereby increasing the asset’s overall valuation.26

4. The Capital Plan: Investing in Value, Not Just Maintenance

A strategic capital plan is essential for the long-term success of a self-storage investment. It goes beyond simple maintenance to become a proactive function that protects the asset’s value, drives new revenue, and maintains a competitive edge in the market.

Understanding Capital Expenditure (CapEx)

Capital expenditure, or CapEx, refers to the funds used to acquire, upgrade, or repair a property to extend its useful life.28 This is distinct from routine operating expenses, which are the costs associated with maintaining the property in its current condition.28 Common CapEx purchases for a self-storage facility can include major expenses like new buildings, a new security system, new software, or a new roof.12 A well-run facility is often characterized by a shorter CapEx list with fewer unexpected, large-scale expenses, which leads to more stable and predictable cash flows for the owner.29 While CapEx is an expense, it should be viewed as a strategic investment that adds to the property’s value, not merely a cost.

Value Engineering in Construction

Value engineering is a systematic approach to engineering design that provides necessary functions in a project at the lowest total cost.27 This practice is not about cutting corners; it is about using alternative materials or methods that accomplish the same purpose at a reduced expense.27 For example, a developer might use cold-formed steel shear walls with corrugated steel panels instead of more expensive structural steel braced frames, achieving the same structural integrity at a lower cost.27 This approach can also be used to optimize unit layouts for maximum efficiency and to incorporate energy-efficient designs and sustainable materials, which contribute to a more eco-friendly facility and reduce long-term operational costs.27 By focusing on value engineering in the design phase, substantial savings can be realized in both initial construction and future maintenance, leading to a more profitable asset over its lifetime.27

A Long-Term CapEx Strategy

For an existing facility, a proactive CapEx strategy is critical for maintaining competitiveness and driving value.30 This involves a long-term plan for reinvesting in the property to make it more attractive to potential tenants. Strategic capital improvements, such as adding climate-controlled units, upgrading the security system, or enhancing the facility’s online booking capabilities, are not just maintenance; they are a direct investment in the asset’s intrinsic value.1 These improvements justify premium pricing, increase occupancy rates, and ultimately boost the facility’s Net Operating Income (NOI). Since a property’s market value is based on a multiple of its NOI, these strategic capital investments directly increase the asset’s overall valuation.30 A sophisticated financial tool that can be used to free up capital is a cost segregation study, which separates qualifying assets like flooring and lighting into accelerated depreciation schedules. This reduces taxable income in the early years of ownership, creating significant immediate tax savings and improving cash flow.32

5. The Turnaround: Creating Value in Underperforming Assets

The most compelling opportunities in self-storage often lie in the acquisition of underperforming or mismanaged facilities.13 These assets, when properly identified and strategically improved, can deliver outsized returns by unlocking significant untapped value.

Identifying the Opportunity

Underperforming assets are properties that fail to meet expected performance benchmarks due to issues such as poor management, weak marketing, or deferred maintenance.13 An investor can identify these opportunities by meticulously analyzing a facility’s financial returns, occupancy rates, and physical condition and comparing them to market averages.33 Key indicators of a mismanaged facility include a lack of online presence, suboptimal occupancy levels, and a failure to implement market-rate pricing.13 The core principle of a successful turnaround is to find facilities with

controllable issues, that is, problems that can be solved through strategic operational changes, and to avoid properties with external factors beyond an investor’s control, such as an oversaturated market or a declining local economy.13

The Operational Turnaround Playbook

A successful operational turnaround requires a multi-pronged playbook. First, operational efficiency must be improved by scrutinizing staffing, vendor contracts, and other expenses.33 Implementing automated rental systems can streamline operations and cut unnecessary costs.33 Second, a strategic marketing effort is essential to attract new tenants. This may involve revamping the facility’s website, investing in targeted online advertising, and using creative promotions to attract customers.9 Third, optimizing pricing is a powerful value-add strategy. Many mismanaged facilities fail to implement dynamic pricing, which adjusts rental rates based on demand and occupancy.9 By using a flexible pricing model, an operator can maximize revenue, increasing prices during high-demand periods and offering competitive rates during slower months to maintain steady occupancy.2  And finally, improving customer service.  Customers need to feel comfortable using the facility.  The appearance of the property and the service from the manager will ultimately be the deciding factor in whether a unit is rented or not.

Repositioning and Re-development

Beyond operational improvements, some underperforming assets present opportunities for a complete repositioning. This is particularly relevant in high-demand, land-constrained urban markets where ground-up development is challenging or cost-prohibitive.21 The strategy involves converting underutilized commercial spaces, such as defunct retail buildings, bowling alleys, or warehouses, into modern self-storage facilities.21 This approach can provide an investor with access to high-barrier-to-entry markets and allow them to leverage an existing building’s prime location and zoning, often bypassing the lengthy and costly rezoning process required for a new build.21 Furthermore, a property can be repositioned by adding new revenue streams, such as boat and RV parking, EV charging stations, or by using peer-to-peer storage platforms for vacant spaces.1

6. Underwriting: Deconstructing the Investment Opportunity

Underwriting is the detailed financial modeling process that deconstructs an investment opportunity, moving from a gut feeling to a data-driven decision.31 This rigorous exercise is the foundation of sound investment, and it is here that a meticulous eye for detail is most critical.

The Three Pillars of Underwriting

The underwriting process can be broken down into three essential stages.39 The first stage is the

  1. buying decision, where an investor evaluates if a deal is worth pursuing. This is a critical step where the focus is not on the facility’s potential, but on its current performance and whether its issues are controllable or external.13 The second stage,
  2. determining what to pay, is where many investors make a common mistake. A property’s price should reflect its current performance, not a speculative premium based on future potential.39 This is a grounded process based on verified expenses, current Net Operating Income (NOI), and local capitalization rates.31 The final stage is
  3. planning for the future. This is the most complex part of underwriting, as it requires building a roadmap for the facility and accounting for uncertain, uncontrollable factors like market shifts and competition.39

The Core Financial Metrics

The lifeblood of self-storage valuation is a set of core financial metrics. At the heart of every valuation model are three key indicators:

  • Net Operating Income (NOI): This is the facility’s actual income before financing costs and taxes. It is calculated by subtracting a facility’s total operating expenses from its total revenue.14 This is the most critical metric for profitability, as a higher NOI directly indicates a more profitable facility and drives up its market value.14 It is also essential to distinguish between physical occupancy (the percentage of units rented) and economic occupancy (the amount of rent actually collected), as the latter is the true measure of a facility’s cash flow.39
  • Capitalization Rate (Cap Rate): A cap rate is a measure of return that expresses the relationship between an asset’s income and its purchase price.31 It is used to convert an asset’s income to its value, as seen in the formula: Estimated Value = NOI ÷ Cap Rate.31 A lower cap rate implies a higher property value, while a higher cap rate can indicate a lower purchase price and a greater potential return for a value-add investor.41 The typical cap rate range for self-storage depends on the market and the quality of the asset.  For example, an asset in high-density Los Angeles may be in poor condition, but still command a low cap rate.  Conversely, a new Class A asset with state-of-the-art features in a rural area may have a higher cap rate. 42
  • Cash-on-Cash Return: This metric measures the annual return an investor makes on the actual cash invested in a deal.14 It is a useful tool for comparing an investment’s performance and is a more critical measure for value-add investments that involve significant leverage.41
Core Financial Metrics in Self-Storage ValuationDefinitionFormula
Net Operating Income (NOI)The facility’s actual income before financing costs and taxes 31Revenue − Operating Expenses = NOI 31
Capitalization Rate (Cap Rate)A measure of return based on the relationship between income and price 31Cap Rate = NOI / Sales Price 41
Cash-on-Cash ReturnThe annual return on the cash an investor has invested in the property 14Cash-on-Cash Return = Cash Income / Total Cash Invested 14

The Intrinsic Value Approach

A common pitfall is to rely on “extrinsic value,” which is market-driven pricing based on fluctuating investor demand and interest rates.31 A more reliable approach is to focus on a property’s “intrinsic value”, its actual, verifiable financial performance. By concentrating on improving a facility’s operational efficiencies, increasing revenue, and boosting its NOI, an investor can create value that is independent of external market fluctuations.31 This disciplined approach allows for data-driven decisions that can protect an investment against market volatility and provide a more reliable path to long-term returns.31

7. Our Differentiated Investment Philosophy

In today’s competitive self-storage market, a successful investment strategy requires more than just capital and a solid financial model. It demands institutional discipline, a commitment to leveraging technology and data, and an active, hands-on management philosophy to drive value and mitigate risk.6

Beyond the Spreadsheet: Leveraging Data and AI

While traditional underwriting is essential, the next frontier in self-storage is the strategic use of data science and artificial intelligence (AI).34 Today’s sophisticated operators are using market intelligence platforms like Radius+ and StorTrack to gain a competitive edge.44 These platforms provide unit-level pricing data, competitor insights, and macro-level market analytics that allow for a deeper understanding of a location’s dynamics.44 This data can be leveraged to optimize pricing strategies, predict customer behavior, and ensure a facility’s rental rates are aligned with local demand and competitor pricing trends.35 The use of AI is also emerging as a game-changer for streamlining operations, from automating customer support to drafting lease agreements and even assisting in deal underwriting for faster and more accurate analysis.34 The facilities that fail to embrace this technology risk getting left behind.34

The Human Element: Experience and Active Management

Despite the rise of technology, there is no substitute for an experienced, hands-on management team.6 A major advantage of the self-storage industry is its highly fragmented ownership, with approximately 75% of owners owning just one or two facilities.29 This presents a tremendous opportunity for sophisticated operators to acquire and transform mismanaged facilities by implementing institutional-grade management and marketing strategies.29 The operational advantages of self-storage over other asset classes are also significant; the industry has a low expense ratio, requires fewer personnel, and has a quick unit-turnaround time.29 The short CapEx list with few unexpected expenses contributes to stable cash flows and makes the asset class attractive to investors.29

Finding Opportunities in Market Cycles

The self-storage industry has a long history of resilience, performing well in both good economic times and bad.25 Its month-to-month lease structure is a unique legal and operational advantage that provides flexibility; it allows for rapid rental rate increases during periods of high demand but also exposes a facility to market shifts during downturns.29 Our philosophy is to find opportunities created by market cycles, such as seeking out distressed assets or mismanaged facilities that can be acquired at a discount, rather than engaging in speculative ground-up development.43 By combining institutional discipline with a deep understanding of market cycles, a sophisticated investor can position themselves to create massive value regardless of the prevailing economic conditions.

Why This Process (And the Right Partner) Matters

In self-storage, the best deals often come from seeing opportunity where others see risk, or from acting decisively on a market gap others overlook. Our process allows us to make those calls with confidence, balancing data-driven analysis with decades of hands-on industry experience.

Thinking about your first or next investment?

Contact our team to learn how we can help you find and execute your next self-storage opportunity.

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