Thinking about buying a self storage business

[Erik Peterson]

Hello all, I've started looking at some local self storage businesses for sale and would like some tips from all you expeirenced investors out there. What pointers do you have when I review any self storage business for sale? How does one acurately assess the value of self storage business? Is there a multiple based on monthly rents to consider when looking at the price or cap rate the main factor in determining the value? What should I watch out for or stay away from in terms of a self storage business? Is there a sweet spot in terms of number of units or size? From the investors perspective is it bad to have a high occupancy rate because it doesn't leave room for growth? Is there typical percentage of revenue one can/should expect for expenses? Anything else I should be thinking about?