Why Self-Storage Works
Recession-resilient demand, sticky tenants, simple operations, and cap rates typically 100–200bps above multifamily. Lower per-square-foot construction cost.
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Underwriting Differences
Look at occupancy AND square-foot ECRI (existing customer rate increase). The real money in storage is annual rent bumps to existing tenants — not new lease-up.
Entry Strategy
Most retail investors enter via syndications, not direct ownership. A 50K-sqft facility is a $3–8M project — well above SFR scale.