Acquisitions guide
How to buy a self storage facility
A practical guide to buying a self storage facility: ways to buy, the acquisition process, due diligence, financing and sourcing off-market deals.
Buying a facility starts with a clear thesis: the right market, the right unit mix, and a price justified by in-place income and realistic upside. This guide walks the whole path — the ways to buy, the acquisition process, due diligence, financing, and how to source off-market deals. Whether you're buying your first facility or partnering with us on the next, start here.
Ways to buy a facility
There's more than one way in. The right path depends on your capital, timeline, and appetite for operations.
- Existing facilities. Stabilised, cash-flowing properties that generate income from day one.
- Value-add facilities. Underperforming assets you reposition to grow net operating income.
- Storage businesses. Operating businesses acquired as a going concern, systems and staff included.
If you would rather own the outcome than run the facility, partnering with an experienced operator is how most first-time buyers reduce execution risk — it is the model behind our own investment opportunities.
The acquisition process
The same disciplined, five-stage path we run on every facility we buy.
- Sourcing & site selection. We screen markets for demographic growth, drive-time demand, and limited competing supply, focusing on off-market and relationship-driven deals.
- Feasibility & underwriting. Third-party feasibility studies and conservative underwriting stress-test every assumption before we commit capital.
- Due diligence. Title, environmental, zoning, and financial review against a rigorous checklist to surface risk early.
- Financing & closing. We structure debt and equity, finalize the capital stack, and close — funding through our investor portal.
- Construction & stabilization. We manage construction and lease-up to stabilized occupancy, then optimize operations for the hold period.
Due diligence checklist
What we verify before closing on any facility. Miss one of these and the deal can turn.
| Category | Items |
|---|---|
| Financials | Trailing 12-month P&L · Rent roll & occupancy history · Delinquency & concessions report |
| Property | Title & survey · Environmental (Phase I) · Physical condition & deferred maintenance |
| Market | Competing supply & drive-time demand · Street rate comparison · Population & demand trends |
| Legal & ops | Zoning & permits · Service & vendor contracts · Management software & systems |
Financing your acquisition
How buyers fund a facility — often a blend of these, structured to fit the deal.
- Conventional mortgage. Bank or agency debt for stabilised facilities with strong cashflow.
- SBA 7(a) / 504. Government-backed loans for owner-operators, with lower down payments.
- Seller financing. Owner-carried notes that bridge valuation gaps and speed closings.
- Syndicated equity. Pooled investor capital for larger acquisitions and portfolios.
Off-market deals
The best facilities rarely hit public listings. Our direct owner relationships and proprietary outreach surface off-market opportunities before the broader market sees them, and without a competitive bid process compressing your diligence window.
Value-add upside
Underperforming facilities offer the most upside — through revenue management, added units or climate control, and professional operations that lift NOI and value. Because price is income divided by cap rate, a durable increase in income raises the asset's value by a multiple of that increase. That arithmetic is the whole case for the value-add strategy described on our development and acquisitions page.
Ready to buy — or sell — a facility?
Whether you want to acquire, partner on a deal, or exit a facility you own, our acquisitions team can help. Contact acquisitions or see our current opportunities.
Frequently asked questions
How do I buy a self storage facility?
Buying a self-storage facility follows a repeatable path: source a deal (ideally off-market), underwrite the income and expenses, sign a letter of intent, complete due diligence on the rent roll and property, secure financing, and close. Working with an experienced operator de-risks every stage.
How much does it cost to buy a self storage facility?
Prices vary widely by market, size, and condition — small facilities can trade for under $1M, while large Class A facilities exceed $10M. Value is typically set by dividing net operating income by the market cap rate.
What is a good cap rate for self storage?
Cap rates depend on market and asset quality, but self-storage commonly trades in the 5–8% range. A higher cap rate means a lower price relative to income, but often more risk or value-add work required.
Can I buy a self storage facility with financing?
Yes. Acquisitions are commonly financed with conventional commercial mortgages, SBA 7(a)/504 loans for owner-operators, or seller financing. We structure the capital stack to fit each deal and investor group.
How do I find off-market self storage facilities?
Off-market deals come from direct owner relationships, brokers, and proprietary outreach. As active buyers, we maintain a pipeline of off-market opportunities that never reach public listing platforms.