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Self-Storage Development Underwriter
The institutional storage pro forma for your first deal
6 followers
The institutional storage pro forma for your first deal
6 followers
A free self-storage development calculator and a library of underwriting guides for first-time developers. Most storage models assume you already know the niche. This one is built for your first deal: a real lease-up curve, unit-mix revenue by size, and the development-spread test that tells you to walk before you overpay. Run your yield on cost for an instant go/walk verdict free, then go deeper with the full Excel model, built around a real ground-up deal that didn't pencil.
Hey PH 👋
I build underwriting tools, and I went deep on self-storage development modeling. What struck me: the models built for institutional syndicators assume you already know the niche. They open full in year one, ignore tenant-insurance income, and blend one $/sf across every unit size. Get those wrong and your returns are fiction.
So I built a template for someone's first storage deal:
• A real monthly lease-up curve (storage stabilizes over 18 to 36 months, not 1 year)
• A unit-mix revenue engine (5x5 up to 10x20, each at its own $/sf)
• The development-spread test, flagged green/red, the one number that separates a deal from a disaster
• Every assumption explained right next to the cell
The Pro tier includes a real ground-up deal that lost money, dissected, because the best way to learn the spread test is watching it kill a bad deal.
There's a free calculator and a library of guides at storageunderwriter.com if you want to try the spread test before buying anything. The model is $79 lite / $149 pro. Would love feedback from anyone who's underwritten CRE: what would you want a first-timer to not screw up?