questions about self storage CAP, rates

[Lynnette E.]

For those who invest in self storage facilities, is there a general CAP rate range that you look for? This is a very small self storage facility, 22 units, and pretty old, block construction from 1965, not maintained at all, but functional, just everything is at the end of its life re: roof not failing, but not far from failing, asphalt failing, doors are rusty, limited places with vinyl siding is falling off, etc. However the block construction is in good shape.

I know that larger facilities can get 5% CAP, but what do you look for in the smaller facilities?

The location is small town, rural TN. 

[Michael Wagner]

I try to buy ( including allowances for repairs) at a 10 CAP or better. Also, understand that there's about the same amount of work requires to run a small property like this as there is to run a property 10 times this size.