Valuations on Self-Storage Units

[Sandra Andrews]

I am interested in hearing from brokers and investors who buy and sell a lot of Self-Storage businesses on how Self-Storage is valued (i.e. is it on a multiple of cash flow like most other businesses, or is it based on cap rates) and what sort of valuations they are seeing in the market right now, understanding of course that there are differences across geographic markets.  I'm also wondering whether the real estate is valued separately from the business itself.  Thank you.