How do I check the unit mix and occupancy of a self-storage facility?

The rent roll is your starting point, but treat it as a claim to be tested. Check that the unit sizes add up to what is built on site. Facilities sometimes list units that were merged, converted or taken out of service for other uses.

Walk the property with the manager. Open a sample of doors listed as vacant and note which show signs of use. Look for locks on units marked empty and for tenants who appear to pay nothing. Compare the physical mix with demand: if the small units are always full and the large ones sit empty, that shapes your plans.

Then follow the cash. Bank deposits, monthly statements and the cash flow should line up with the rent roll. Ask about discounts, free months and units used by the owner or staff, because these lower real income. Finally, look at arrears and move-outs. A facility that fills fast but loses tenants fast needs steady marketing. Ask how tenants find the site, and how the manager handles late payments. Also ask about climate-controlled, drive-up and outdoor spaces, since each type may fill differently. Visit on more than one day, ideally a weekend and a weekday, to see real traffic.

Key takeaways

• Treat the rent roll as a claim and test it with a physical count.
• Reconcile rent roll income with the bank deposits and statements.
• Ask about discounts, free periods and units used by the owner.