@Michael Wagner hit the nail on the head (and so did everybody else) - this is goiong to vary based on location, the perception of "need" in the area for self storage, and (sometimes) in how you've actually make the facility look from the street. 

@Sylvia B.That's very perceptive of you.

If you have what was your perception, did it work, was it easy to use, is it worth the money?

As our first SFR, the numbers don't look too attractive, but for a buy and hold scenario over the course of the next 5-10 years, the increased equity adds an additional incentive to buy.My question is: Is this just my perception, or could this be reality?

My general perception is that "southern" Union City (e.g. south of, say, 15th St), and further west (closer to North Bergen) is less desirable, although the border between Jersey City and Union City is nice, and east towards Manhattan (on, say, Palisades Ave) is very desirable.

Even though the cost delta between electric and oil is far less today, perception trumps reality for 95% of people; so just the words "electric heat" may affect the marketability of your units.

"fell off the boat"  : )@Bruce GardnerI think a lot of the disparity in perception of CPA value comes from 180 degree misunderstanding. 

As we all know we live in this society where debt is encouraged and rewarded than people paying down things all at once.

@Jude MunalemYour local law society will have a standard offer to purchase you should be able to get a copy through your attorney that you can use.

The best we can do is to think we understand; our perception based on our own experience and what others have told us.