Most people evaluating a self-storage facility get lost in the OM's marketing narrative. Here are the 6 numbers that actually decide whether a deal is a home run or a slow bleed — check these before you get emotionally attached to any listing.

1. Economic Occupancy — actual rent collected ÷ gross potential rent at street rates. Healthy stabilized facilities run 85%+. Below 75% usually means heavy delinquency or too many legacy tenants paying stale, below-market rates.

2. Revenue Per Available Square Foot (RevPAF) — total rental revenue ÷ total rentable sq ft. This is the self-storage equivalent of RevPAR in hotels and lets you compare facilities of different sizes apples-to-apples.

3. Expense Ratio — total operating expenses ÷ total revenue. Managed facilities with onsite staff typically run 40-45%. Unmanned/remote-managed facilities run 30-35%. Anything above 50% (outside a lease-up year) usually signals deferred maintenance catching up.

4. Cap Rate (going-in AND exit) — NOI ÷ purchase price. Never underwrite assuming cap rate compression on exit. Use an exit cap rate equal to or higher than your going-in rate.

5. Debt Service Coverage Ratio (DSCR) — NOI ÷ annual debt service. Most lenders want 1.25x minimum; self-storage lenders often want 1.35x+ on stabilized assets. Below 1.15x, you're in real refinance risk territory.

6. Cost Per Square Foot vs. Replacement Cost — if you're buying meaningfully below what it would cost to build new in that submarket, you have a natural competitive moat against new supply.

Quick gut-check table:

If a deal fails 2+ of these, pass and move to the next one — speed of elimination is what lets you find the great deals faster.

Happy to answer questions on any specific deal you're evaluating.