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An 8,000 m² NLA facility, ramped over 30 months.

Sample assumptions, the occupancy ramp curve that decides the deal, and the stabilised yield on cost a self storage developer prices to.

Scale8
Program60 months
Yield on cost (stabilised)7.24%

02 / Sample assumptions

The market context behind the numbers.

Pricing benchmarks, build rates and finance terms used in this self storage example. Every one is editable in Popurise.

Assumption sheet07 lines

Stabilised occupancy: 92%
Ramp curve: Month 30 to 95% of stabilised
Avg rate per m² NLA pa: $430
Other income: Insurance, boxes, locks at 8% of rent
Opex ratio (stabilised): 36% of EGI
Exit cap rate: 6.75%
Senior debt: 55% LVR, 7.75% all-in

03 / Key inputs

The inputs that drive the deal.

Grouped the way Popurise groups them. Change a category, watch the self storage output set respond.

0104 items

Site and NLA

Site area: 6,500 m²
GFA: 9,400 m²
NLA: 8,000 m²
Efficiency: 85%

0205 items

Cost stack

Land: $5.20M
Civils and site: $1.10M
Build and fit-out: $18.80M
Professional and authority: $1.60M
Finance and pre-opening: $3.40M

0304 items

Revenue and timing

Stabilised rent: $3.16M pa
Other income: $0.25M pa
Stabilised EGI: $3.41M
Stabilised NOI: $2.18M

04 / Base case outputs

The output set, in full.

Every number a developer wants on the screen for a self storage deal, in one place.

Hero outputYield on cost (stabilised)

7.24%

Secondary metrics07 lines

Total development cost
$30.1M
Stabilised NOI
$2.18M pa
Exit value (stabilised)
$32.30M
Development margin (stabilised sale)
7.3%
Equity IRR (5 yr hold)
14.6%
Peak debt
$19.0M
Cost per m² NLA
$3,763

05 / Scenarios

Base, downside, stretch. Side by side.

Three scenarios on the same self storage project. No copied files. The decision is which one to take to investment committee.

Base case

base

30 month ramp to stabilised, current rates.

Yield on cost7.24%
Equity IRR14.6%
Stabilised NOI$2.18M
Spread to exit cap+49 bps

Verdict

Workable. Returns sit on the ramp curve holding to plan.

Downside

downside

Ramp extends to 42 months. Avg rate per m² falls 4%.

Yield on cost6.32%
Equity IRR9.4%
Stabilised NOI$1.97M
Spread to exit cap−43 bps

Verdict

Returns soft. Self storage is more sensitive to ramp than rate.

Stretch

stretch

Faster ramp on local catchment, climate-controlled rate +6%.

Yield on cost8.06%
Equity IRR19.8%
Stabilised NOI$2.42M
Spread to exit cap+131 bps

Verdict

Strong but requires catchment validation. Track move-ins month by month.

06 / Decision takeaway

Self storage is a ramp curve project. The ramp decides the deal more than the rate per metre. A 12 month slip in stabilisation cuts more value than a 4% rate miss.

Self storage feasibility solution

Open

Self storage feasibility model

Open

Shape self storage feasibility in Popurise.

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