The Business
Self-storage is a capital-intensive but highly passive business once built. Average occupancy of 85-90% at $80-200/unit/month for standard units. A 200-unit facility at 88% occupancy at $100/unit = $17,600/month revenue. Climate control, RV/boat storage, and commercial storage command premiums. Technology (keypad access, online payments) reduces operating costs.
How to Start
Look for existing storage facilities for sale (easier than building) at 5-8x annual NOI. Alternatively, buy bare land in a growing suburb and develop. Study your market's average occupancy rates before investing. Property management software (StorEdge, Sitelink) makes remote management possible.
Equipment Needed
- ▸Land/facility
- ▸Security system
- ▸Management software
- ▸Locks and access gates
Licensing
Business license + zoning permits
Monthly Search Volume
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“Self-storage is one of the best real estate plays when you understand the numbers. 93%+ occupancy at decent facilities is normal. Automated gates and management software mean you can run a 50-unit facility with 5 hours a week of attention.”
Want to buy a Self-Storage Facility instead of starting one?
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Tools we'd use if we were starting this business today. Affiliate links — we may earn a small commission.
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