Model the lease-up, not just the stabilised year.
Units, occupancy and rate, across the long lease-up that defines the first two years.
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The assumptions, benchmarks, and drivers behind your self storage projections.
Storage is an occupancy business with almost no cost of goods: locks and a little insurance resale, so gross margin sits near 97 percent. Revenue is units times occupancy times monthly rate. What makes storage different from every other vertical here is the lease-up. A new facility fills over eighteen months or more, and the model runs a long phase one and a long ramp precisely so the plan is judged on the trough rather than on the stabilised year that follows it.
A 300-unit facility at stabilised occupancy does roughly $300,000 to $450,000 a year at the modeled rates. Land plus building or conversion plus doors, gate and cameras commonly runs into seven figures, financed over twenty years at around 75 percent loan to cost. Stabilised occupancy near 85 to 90 percent is the planning target, and first-month-free promotions during lease-up are modeled as a discount rather than ignored. Because the asset is real-estate-backed, DSCR is the binding test.
Lease-up speed dominates everything. The facility that reaches 85 percent in eighteen months and the one that takes thirty six have the same stabilised P and L and completely different outcomes, because the difference is eighteen months of debt service paid out of the owner's pocket. The second driver is rate discipline: because there is essentially no variable cost, a rate increase is almost pure profit, and discounting to fill faster is a trade the model makes explicit rather than assuming away.
Everything you need to know about self storage financial modeling.
The numbers that matter most for a self storage business, calculate any of them free.
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