Need help Dialing In Self Storage Offers!

[Ryan Buchanan]

I am looking to put in more offers on a few self storage facilities and want to get other opinions on one example offer price. I do not want to lowball anyone but am obviously looking to get a good deal. Coming from only SFH rentals, I do not have a great gauge for expenses etc. I have been using 35% for my calculation. Is this too high? I have been adding taxes and insurance in addition to this. Property/offer details are as followed... Size: 22,000 sq ft Occupency: 100% Estimated Gross Rent: $11,000 (unsure of economic occ and if everyone is at street rate) Land is 3 acres. Offer price: $850k