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Self Storage Calculator
Model rentable square feet, rate, occupancy, and expenses to underwrite a storage facility — NOI, cap rate, cash-on-cash return, and value at each cap rate.
Facility
Income
Expenses & loan
Cap rate19.3%$33 per sq ft
NOI (annual)$289,540
Annual cash flow$189,776
Cash-on-cash50.6%
How to use this calculator
Enter the purchase price, net rentable square feet, and average rate per square foot, then occupancy and other income. Set your operating expense ratio and loan terms. The calculator builds the operating statement and returns NOI, cap rate, cash-on-cash, price per square foot, and value by cap rate.
What the metrics mean
- Net rentable square feet — the leasable area that actually produces rent.
- Rate per square foot — average annual rent per rentable square foot.
- Net operating income (NOI) — effective gross income minus operating expenses.
- Cap rate — NOI divided by price — the basis for the facility’s value.
- Price per square foot — purchase price divided by net rentable square feet.
Frequently asked questions
- How do you value a self storage facility?
- Like other commercial real estate, storage is valued on net operating income divided by a market cap rate. Build income from net rentable square feet × rate × occupancy, subtract expenses, and you have NOI.
- What is a typical expense ratio for storage?
- Operating expenses for self storage often run 35–45% of effective gross income — lower than apartments because there are no tenant utilities or interior maintenance. Verify against the seller’s actuals.
- What are the main levers in storage returns?
- Occupancy and rate per square foot. Climate-controlled units, online rate management, and ancillary income (tenant insurance, late fees, retail like boxes and locks) all push NOI higher.
- How is rent per square foot calculated?
- Add up the annual rent across all units and divide by net rentable square feet. This calculator works from an average rate per square foot per year to keep the input simple.
Looking at storage deals? dre1mery.com underwrites commercial assets and ranks them against your return targets automatically.