Underwriting Self Storage?? How?
On an off chance meeting in a Starbucks was presented a self storage deal. It is 4 properties with 930 units total. They are separate locations all located close to a major US Interstate. They are willing to do seller financing package deal with a down payment (which negotiable). NOI is $869k, occupancy is high, close to 99%, which tells me there are room for rate increases.
I know how to evaluate and underwrite multi-family, but not sure on self storage. Is it the same, roughly? Anyone who can provide direction would be greatly appreciated. Im currently modeling like I do multi-family just leaving out some things. Just do not want to miss anything.