Self-storage deal analyzer
Enter the rent roll, expenses, loan and exit. See the facility today, at stabilization, and what it returns. Same engine as the Storage Underwriter iPhone app.
- Going-in cap
- 6.57%
- Yield on cost
- 9.46%Stabilized
- Levered IRR
- 23.3%7-year hold
- Equity multiple
- 3.66x
- Stabilized DSCR
- 1.60x
- Cash-on-cash
- 11.2%Stabilized
- Equity required
- $1.05M
- Break-even occ.
- 70%Today, incl. debt
This deal meets 3 of your 4 investment targets. Yield on Cost of 9.5% is below your 10.0% target.
Keep this deal. Storage Underwriter for iPhone saves every facility, adds a line-item P&L and expansion modeling, and exports an 8-page investment memo for partners and lenders.
iPhone app · coming soon →NOI bridge: where the growth comes from
AnnualOccupancy is valued at in-place rents, rent-to-market at target occupancy. Expenses include any reassessed property tax.
Annual projection
| Year | EGI | Opex | NOI | Debt svc | Cash flow | Occ. | DSCR |
|---|---|---|---|---|---|---|---|
| 1 | $365K | $131K | $235K | $162K | $72K | 85% | 1.44x |
| 2 | $416K | $135K | $281K | $194K | $87K | 90% | 1.45x |
| 3 | $447K | $139K | $308K | $194K | $114K | 90% | 1.59x |
| 4 | $460K | $143K | $318K | $194K | $123K | 90% | 1.63x |
| 5 | $474K | $147K | $327K | $194K | $133K | 90% | 1.68x |
| 6 | $488K | $151K | $337K | $194K | $143K | 90% | 1.73x |
| 7 | $503K | $156K | $347K | $194K | $153K | 90% | 1.79x |
Levered IRR sensitivity
Exit cap × occupancySources & uses
| Purchase Price | $3,200,000 |
| Closing Costs | $64,000 |
| Loan Fees | $22,400 |
| Total cost | $3,286,400 |
| Primary Loan | $2,240,000 |
| Equity | $1,046,400 |
Loan: $2,240,000 · $13,533/mo interest-only for 12 mo, then $16,191/mo amortizing.
Against your targets
3 of 4 met| IRR | 23.3% | target 14.0% |
| Cash-on-Cash | 11.2% | target 8.0% |
| DSCR | 1.60x | target 1.25x |
| Yield on Cost | 9.5% | target 10.0% |
- Large rent increase requiredStabilization assumes in-place rents rise 18% to market on a weighted basis.
- Most expenses are estimated100% of operating expenses rely on the 38% placeholder ratio rather than actual figures.
340 units · 37,500 SF in the unit mix · price $9.4K/unit, $84/SF. Calculated in your browser with the same engine as the iOS app; nothing is sent anywhere.
How the analyzer underwrites a facility
Self-storage acquisitions are priced on the gap between how a facility performs today and how it could perform once it is full and rents are at market. The analyzer models that gap explicitly instead of asking you for a single “pro forma NOI.”
1. Today: in-place performance
Scheduled rent is occupied units × in-place rent for every unit size. Ancillary income is added, collection loss is subtracted, and the result is effective gross income (EGI). Operating expenses are your expense ratio × today's EGI. That NOI divided by the purchase price is the going-in cap rate, the yield you are buying on day one.
2. Stabilized: full and at market
At stabilization every unit size reaches your target occupancy at market rent. Expenses are held at today's dollars. They do not scale with the new revenue, because most self-storage costs are fixed. The exception is property tax: if you enter a post-sale tax bill, it replaces the current one from stabilization forward. The cap rate calculator shows that tax effect on its own.
3. The path between them
Each month, occupancy and rent move in a straight line toward stabilization. After stabilization, rent grows at your growth rate, and expenses grow from month one. Months are summed into years. Debt service comes from a monthly amortization schedule that honors interest-only periods. Try the lease-up calculator to see the monthly path by itself.
4. Exit and returns
The sale price is the following year's NOI divided by the exit cap. That is how a buyer would value it. Selling costs and the remaining loan balance come off to give net proceeds. The equity cash flows (equity in, annual cash flow, net proceeds) produce the levered IRR and equity multiple.
What the flags mean
The analyzer checks the same risks the app does: rent increases above 15% on a weighted basis, occupancy gains above 15 points, DSCR below your minimum, year-1 coverage under 1.0x, an exit cap below the going-in cap, leverage above 75% loan-to-value, a large tax reassessment, negative year-1 cash flow, and a unit mix that does not match the stated rentable square feet.
Questions
What does a self-storage deal analyzer calculate?
It turns a facility's rent roll, income, expenses, financing and exit assumptions into current and stabilized NOI, value at a cap rate, cash flow by year, and investor returns: going-in cap rate, yield on cost, levered IRR, equity multiple, cash-on-cash and DSCR. This one also shows where the NOI growth comes from and how returns change with exit cap and occupancy.
How is stabilized NOI calculated?
Each unit size moves from its current occupied count to your target occupancy and from in-place rent to market rent. Tenant protection and fee income grows with occupied units; retail and other income stays flat. Collection loss is taken as a percentage of revenue, and operating expenses come from your expense ratio applied to today's effective gross income, held in today's dollars, plus any reassessed property tax. Stabilized NOI is stabilized effective gross income minus those expenses.
How does the lease-up period affect returns?
Occupancy and rent move in a straight line from today to stabilization over the months you enter, and rent growth starts only after stabilization. A longer lease-up delays the NOI increase, lowers early cash flow and debt coverage, and reduces IRR even if the stabilized NOI is identical.
What exit cap rate should I use?
Many investors set the exit cap at or above the going-in cap rate so the return does not depend on cap rates falling. The sensitivity grid shows IRR at exit caps 0.5 point above and below your assumption (0.25 point below a 6% base), and the analyzer flags an exit cap below the going-in cap.
Is this the same math as the Storage Underwriter iPhone app?
Yes. The calculations are a direct TypeScript port of the app's Swift underwriting engine, and they are tested against outputs generated by the Swift engine itself on 23 scenarios. The app adds saved deals, a line-item P&L, expansion modeling and an 8-page PDF investment memorandum.
Is my deal data saved or sent anywhere?
No. Everything is calculated in your browser. Your latest inputs are kept in this browser's local storage so they are still there when you come back; nothing is uploaded.
Go deeper on one input
- Cap Rate & ValuationValue from NOI and cap rate, or the cap rate implied by an asking price, before and after tax reassessment.
- NOI & Expense RatioBuild NOI from rents, ancillary income and a quick expense ratio or a line-item P&L.
- DSCR & Loan SizingPayments, DSCR and debt yield, the maximum loan each lender test allows, and a seller second.
- Lease-Up & StabilizationMonth-by-month occupancy, rent and NOI from today to a stabilized facility.
- Unit Mix & Rent RollGross potential rent, loss to lease, rent per square foot and occupancy by unit size.
- How to Underwrite a Self-Storage DealOne facility, start to finish: rent roll, T12, stabilization, debt, exit and returns.