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The Self-Storage Underwriting Checklist
Before you make an offer, know what to check: rent roll, T-12, taxes, insurance, occupancy, unit mix, market supply, expansion upside, and debt assumptions.
What's inside
- Rent roll review: in-place vs. street rates, delinquency, unit mix
- T-12 income verification and expense normalization
- Property taxes re-assessed at YOUR purchase price
- Insurance, payroll, and the line items mom-and-pop sellers hide
- Physical inspection: roof, doors, asphalt, security, HVAC
- Market supply check: square feet per capita and the new-supply pipeline
- Expansion upside and excess land analysis
- Debt assumptions and DSCR stress tests
Why it matters: most first-time buyers lose money on the things they didn't check, not the things they did. This is the same checklist discipline used on institutional deals — sized for buyers doing their first one to five facilities.