Self Storage Underwriting Calculator
Convert self storage unit count, rent, and occupancy into revenue, NOI, value per unit, maximum loan proceeds, and required equity.
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Use this estimate to prepare, or request a financing review when you are ready to share the property, requested proceeds, and timeline.
Estimate stabilized revenue and NOI from unit count, rent, and occupancy, then size maximum loan proceeds using the lower of DSCR and loan to value constraints.
Property Operations
Acquisition and Value
Loan Assumptions
Occupied Units
180.0
Gross Potential Rent
$300,000.00
Effective Rental Revenue
$270,000.00
Total Property Revenue
$300,000.00
Operating Expenses
$114,000.00
Stabilized NOI
$186,000.00
NOI per Unit
$930.00
Indicated Property Value
$2,657,142.86
Per Unit Value and Loan Sizing
Purchase Price per Unit
$20,000.00
Indicated Value per Unit
$13,285.71
Maximum by DSCR
$1,613,426.15
Maximum by Loan to Value
$1,860,000.00
Maximum Loan
$1,613,426.15
Maximum Loan per Unit
$8,067.13
Estimated Equity Including Improvements
$2,636,573.85
Binding Constraint
DSCR
Annual Debt Service
$143,076.92
Resulting DSCR
1.30x
Loan to Total Cost
37.96%
Total Project Cost
$4,250,000.00
This is a stabilized planning estimate. Lenders may adjust occupancy, rents, concessions, management fees, replacement reserves, utilities, taxes, insurance, payroll, repairs, and other operating expenses. The capitalization rate estimate does not replace an appraisal.
Ready to review self storage financing?
Send your underwriting estimate to CapitalAx for a financing review based on property operations, value, improvements, and requested loan structure.
How Self Storage Per Unit Underwriting Works
The calculator multiplies total units by average monthly rent to estimate gross potential rent, then applies economic occupancy and adds other revenue. The operating expense ratio is deducted to estimate stabilized net operating income.
Self Storage Value and Loan Sizing
Indicated value is calculated from stabilized NOI and the selected capitalization rate. Maximum loan proceeds use the lower of the DSCR limit and loan to value limit. Per unit results make it easier to compare the subject property with sales, appraisals, and competing facilities.
Self Storage Underwriting Worked Example
A 500 unit facility averaging $125 per month at 90 percent economic occupancy produces $675,000 of effective rental revenue. Adding $45,000 of annual other revenue and applying a 38 percent operating expense ratio produces $446,400 of stabilized NOI, or $893 per unit before loan sizing.
Choosing Self Storage Inputs and Reading the Result
Use economic occupancy, which reflects concessions and collection loss, rather than physical occupancy alone. Base average rent on the occupied unit mix and include administration, insurance, truck rental, late fees, and merchandise only when supported by operating history. Compare the indicated value per unit with recent local sales, and treat maximum loan proceeds as the lower of the income and leverage limits rather than an approval.