The Self-Storage Facility

How these numbers were built: occupancy, the top-operator NOI margin, and the ECRI mechanic come from public self-storage REIT filings (Public Storage's FY2024 10-K reports 92.4% same-store occupancy and a ~78% same-store direct NOI margin, and describes raising existing tenants' rates); operating expense ratios for independents and REITs come from the Self-Storage Expense Guidebook (via Modern Storage Media and SSSE) and CBRE; staff payroll comes from CBRE and an MMCG facility case study; cap rates come from Inside Self Storage market commentary; tenant-protection-plan economics (8-10% of revenue, ~89% margin) come from self-storage trade press; industry structure comes from the U.S. Census Bureau (NAICS 53113); financing comes from the SBA and Inside Self Storage; and the cost to open comes from the researched opening kit (construction guides from Storable, Storeganise and Inside Self Storage). Unit counts, rates and the cost lines in the simulator are starting assumptions calibrated to these sources; an independent facility typically runs a lower NOI margin than the REITs. The implied-value figure is NOI / cap rate, a directional illustration of how storage is valued, not an appraisal. Figures are current as of 2024-2026.

Occupancy and the top-operator NOI margin are anchored to Public Storage 10-K filings, which reflect REIT scale; independent operating expense ratios come from the Self-Storage Expense Guidebook (34.68% nationally in 2024, 41.79% in 2022) and CBRE, so the typical margin range spans independents to REITs. Staff payroll is anchored to CBRE and an MMCG facility case study; cap rates come from Inside Self Storage market commentary; tenant-protection attach comes from Inside Self Storage trade press.