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Gather Your Inputs
First, identify the number of units in your self-storage facility, their respective sizes, and the monthly rent for each size. You also need to know the occupancy rate for each unit size. For example, let's say you have 100 units of 10x10 feet, 50 units of 5x5 feet, and 20 units of 10x20 feet, with occupancy rates of 80%, 70%, and 90% respectively.
Calculate Occupied Units
Next, calculate the number of occupied units for each size by multiplying the total number of units by the occupancy rate. Using the example above: 100 units x 0.8 = 80 occupied 10x10 units, 50 units x 0.7 = 35 occupied 5x5 units, and 20 units x 0.9 = 18 occupied 10x20 units.
Determine Monthly Rent per Unit
Determine the monthly rent for each unit size. For example, let's say the monthly rent is $100 for 10x10 units, $50 for 5x5 units, and $200 for 10x20 units.
Calculate Total Revenue
Now, calculate the total revenue by multiplying the number of occupied units by the monthly rent for each size and summing these values. Using the example: (80 units x $100) + (35 units x $50) + (18 units x $200) = $8,000 + $1,750 + $3,600 = $13,350.
Estimate Operating Expenses
Estimate your monthly operating expenses, including utilities, maintenance, insurance, and staffing. For example, let's say your total monthly operating expenses are $4,000.
Calculate Net Operating Income (NOI)
Finally, calculate the NOI by subtracting the operating expenses from the total revenue. Using the example: $13,350 (total revenue) - $4,000 (operating expenses) = $9,350 (NOI).
Introduction to Self-Storage Calculations
Calculating self-storage facility revenue and profitability involves several key factors, including unit count, sizes, and occupancy rates. In this guide, we will walk you through the steps to estimate monthly revenue, expenses, and Net Operating Income (NOI) manually.
Understanding the Formula
The basic formula for calculating self-storage revenue is: Total Revenue = (Number of Occupied Units x Monthly Rent per Unit) To calculate NOI, you need to subtract operating expenses from total revenue: NOI = Total Revenue - Operating Expenses
Step-by-Step Calculation
To perform the calculation manually, follow these steps: