Self Storage Units

[MNRural]

Does anyone have a good source for self storage data such as typical operating expense ratios, reserve requirements, cap rates, etc.??

 

[Terrel L. Shields]

Nope. I always did them by calculating from owner statements. Several local Realtors and Appraisers as well as people I know who owned SSUs were nice enough to give me data. But I can say the last one I did - maybe a year ago, the vacancy rate had went from a waiting list in 2006 to 30% plus vacancy and locally several SSU owners were discounting to attract business. Cap Rate was dramatically different from 2 years earlier.
If all else fails you need to try and get the actual rents or vacancy from sales and try GIMs or NIMs...They advertise their rates so you should be able to calcuate the GPI.

 

[EDWARD BERRY]

Mini Storage Messenger--phoenix, Az

 

[hastalavista]

Here's a link to E. Berry's source:

http://www.ministoragemessenger.com/cart/shopexd.asp?id=1602

 

[Brian Weaver]

I used to use the same...
http://www.ministoragemessenger.com/cart/shopdisplayproducts.asp?id=7&cat=Articles

 

[Stone]

Nope. I always did them by calculating from owner statements. Several local Realtors and Appraisers as well as people I know who owned SSUs were nice enough to give me data. But I can say the last one I did - maybe a year ago, the vacancy rate had went from a waiting list in 2006 to 30% plus vacancy and locally several SSU owners were discounting to attract business. Cap Rate was dramatically different from 2 years earlier.
If all else fails you need to try and get the actual rents or vacancy from sales and try GIMs or NIMs...They advertise their rates so you should be able to calcuate the GPI.

In at least a couple of the markets I work, too many folks with extra land built these in the first half of the 2000s and the supply is out of whack.

 

[Brian Weaver]

The larger chains had a different draw than the locals (in Chicago) on gravel lots. Climate controlled vs exposed. Boat & RV storage vs none.

 

[MNRural]

I'm noticing that there are absolutely no sales.

Could I surmise that although ALL RE values have dropped since the financial panic of '08 (maybe all asset classes except gold), sellers know that their incomes have not dropped and are not willing to sell in this market?

I am not seeing tons of listings or distressed self storage properties.

 

[Michigan CG]

The facilities around here are full and last time I appraised one I had quite a few sales.

 

[C. Kevin Bokoske MAI]

Try Self Storage Alamanc via Google search. Good statistical data. Try Realty Rates also for cap rates.