Best ways to analyze a storage unit deal
Hey all,
Someone in my network just forwarded me a deal for a 167-unit storage. This would be my first foray into storage but have a lot of experience with SFH and MF. What is the best way to analyze a "good" deal and pro-forma out numbers for a property like this?
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The pro forma is actually very similar to an apartment pro forma. Typical expenses are taxes, insurance, utilities, repairs & maintenance, management, general and administrative, and reserves. The vacancy will be market driven and reserves will depend largely on the size of the property and the quality of construction. There have been several posts on here regarding self-storage lately. You may want to reach out to one of the people who made the post directly. I think some are investors and others are like you looking to buy.