How are storage units appraised in small towns?

[Heath Jones]

How do small town banks appraise storage facilities? I've found that most "mom and pop" owners have no idea what a CAP rate is and just know what they paid for a place and what they think it's worth.

There is no concept that the value is based on the NOI. Also, there are no commercial appraisers anywhere close to this property, so how would a bank appraise it to know how much they would lend on the loan?