Rex says
Money math without the spreadsheet headache. Plug in your numbers and I'll show you exactly where the dollars land.
Try a scenario
Click to load — tweak from there.Inputs
Result
Annual net operating income
$303,410
Gross potential rent
$517,500
Effective gross income
$466,785
Implied property value
$4,494,967
NOI per sq ft
$6.74
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How to use this
- 1Enter net rentable square feet.
- 2Enter average rent per sq ft/year ($).
- 3Enter economic occupancy (%).
- 4Enter ancillary income (% of rent) (%).
- 5Enter operating expense ratio (%).
- 6Enter market cap rate (%).
- 7Read your annual net operating income on the right — it updates as you type.
- 8Hit Share to keep the scenario or send it to someone.
About this calculator
Self-storage revenue is driven by three levers: total rentable square footage, the average rent you can charge per square foot, and economic occupancy — the share of units actually generating rent after concessions, delinquency, and vacancy. Gross potential rent (GPR) is square footage times annual rate. Multiply GPR by economic occupancy to get effective gross income, then add ancillary revenue from insurance, retail (locks, boxes), and late fees, which typically run 8-15% of rent on a stabilized facility. Subtract operating expenses — property tax, insurance, payroll, utilities, marketing, repairs — which for a professionally managed facility run 30-40% of effective gross income. What's left is net operating income (NOI), the number lenders and buyers actually value the property on, typically at a 6-8% cap rate for stabilized non-climate-controlled facilities and 5.5-7% for climate-controlled urban assets.
Worked example
Using the values the calculator loads with:
Inputs
- Net rentable square feet: 45000
- Average rent per sq ft/year: 11.5 $
- Economic occupancy: 82 %
- Ancillary income (% of rent): 10 %
- Operating expense ratio: 35 %
- Market cap rate: 6.75 %
Results
- Annual net operating income: $303,410
- Gross potential rent: $517,500
- Effective gross income: $466,785
- Implied property value: $4,494,967
- NOI per sq ft: $6.74
What each field means
Inputs
- Net rentable square feet
- The net rentable square feet used in the calculation. Starts at 45000 so you have a working example on load.
- Average rent per sq ft/year ($)
- The average rent per sq ft/year used in the calculation, measured in $. Starts at 11.5 $ so you have a working example on load.
- Economic occupancy (%)
- The economic occupancy used in the calculation, measured in %. Starts at 82 % so you have a working example on load. Accepted range: 10–100 %.
- Ancillary income (% of rent) (%)
- The ancillary income (% of rent) used in the calculation, measured in %. Starts at 10 % so you have a working example on load. Accepted range: 0–30 %.
- Operating expense ratio (%)
- The operating expense ratio used in the calculation, measured in %. Starts at 35 % so you have a working example on load. Accepted range: 10–70 %.
- Market cap rate (%)
- The market cap rate used in the calculation, measured in %. Starts at 6.75 % so you have a working example on load. Accepted range: 3–12 %.
Results
- Annual net operating income
- Returned as a money amount in US dollars and shown as the headline result. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- Gross potential rent
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- Effective gross income
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- Implied property value
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
- NOI per sq ft
- Returned as a money amount in US dollars. It recalculates instantly whenever you change an input, so you can compare scenarios without reloading.
FAQ
What's a realistic economic occupancy for a stabilized facility?
Well-run facilities in decent markets stabilize between 85-92% physical occupancy, but economic occupancy runs lower because of discounts, free-rent move-in specials, and delinquent accounts. Budget 80-88% economic occupancy for underwriting, not the physical number a broker quotes you.
Why is the expense ratio so wide, 30-40%?
Property tax reassessment after a sale, third-party management fees (6% of revenue is standard), and payroll for on-site or roving managers swing the ratio. Unmanned or app-based facilities can push expenses toward 25%, while older facilities with full-time staff and deferred maintenance run 40%+.
How much does climate control add to rent?
Climate-controlled units typically command 20-40% more per square foot than standard drive-up units in the same market, but they also cost more to build and operate (HVAC, higher insurance). Net margin impact is usually positive in humid or hot climates, marginal in mild ones.
Is self-storage still a good asset class to enter?
Supply growth has slowed in many metros after the 2017-2021 building boom, which is good for existing owners' rate growth but means new development needs a genuine supply gap to pencil. Underwrite lease-up to take 24-36 months to reach stabilized occupancy, not 12.
Accuracy and limitations
- Results are estimates before tax, fees, and inflation unless an input explicitly covers them.
- Rates are treated as fixed for the whole period — variable-rate products will drift from this projection.
- This is educational maths, not financial advice. Check anything contractual with the lender or your accountant.
Related tools
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Self-Storage Occupancy Breakeven Calculator
Find the occupancy percentage where rent revenue covers fixed and debt costs.
Self-Storage Rent Per Square Foot Calculator
Convert a monthly unit price into an annualized rate per square foot to compare units and competitors fairly.
Cite this calculator
Writing about this topic? Grab a citation — every link helps keep these tools free.
RevenueLab. (2026). Self-Storage Facility Revenue Calculator. Retrieved from https://www.revenuelab.fyi/toolbox/self-storage-facility-revenue
<p>Source: <a href="https://www.revenuelab.fyi/toolbox/self-storage-facility-revenue" target="_blank" rel="noopener">Self-Storage Facility Revenue Calculator — RevenueLab</a> (2026).</p>
Source: [Self-Storage Facility Revenue Calculator — RevenueLab](https://www.revenuelab.fyi/toolbox/self-storage-facility-revenue) (2026).