Self Storage Price Per Square Foot: 2026 Data by Market and Class
Key Takeaways
- National average self storage sale prices range from $40 to $200+ per net rentable square foot, depending on market, class, and condition.
- Class A facilities in primary markets command $120–$200+ per SF, while Class C properties in tertiary markets trade at $40–$80 per SF.
- Climate-controlled space carries a 20%–40% premium in price per SF over drive-up storage.
- Price per SF is a useful sanity-check metric, but it can be misleading — a $50/SF facility with low occupancy may actually be worth more to a value-add buyer than a $100/SF stabilized property.
- Revenue per square foot ($8–$18+ annually) is equally important in benchmarking facility performance.
- Always use price per SF alongside cap rate analysis — never as a standalone valuation method.
When self storage owners ask “what’s my facility worth?”, they often think in terms of price per square foot. It’s intuitive. If the facility down the road sold for $100 per square foot and you have 40,000 square feet, your place should be worth about $4 million. Right?
Sometimes. But often, that simple math either dramatically overstates or understates actual value. Price per square foot is one of the most commonly cited metrics in self storage real estate — and one of the most commonly misunderstood.
In this guide, we’ll share current price-per-SF data broken down by market tier and facility class, explain what drives the variations, and show you how to use this metric correctly as part of a comprehensive valuation.
2026 National Price Per Square Foot Ranges
Based on recent transaction data across U.S. markets, here are the price-per-SF ranges we’re seeing in 2026:
By Facility Class and Market Tier
| Primary Markets | Secondary Markets | Tertiary Markets | |
|---|---|---|---|
| Class A | $140–$200+ | $100–$150 | $75–$110 |
| Class B | $100–$140 | $70–$110 | $50–$80 |
| Class C | $70–$100 | $50–$75 | $40–$65 |
Primary Markets include major metros and their suburbs: Dallas-Fort Worth, Phoenix, Atlanta, Charlotte, Nashville, Denver, Tampa, Orlando, Raleigh, and similar growth markets with strong population and employment trends.
Secondary Markets include mid-size cities and strong suburbs of primary markets: Boise, Knoxville, Greenville SC, Huntsville, Colorado Springs, Spokane, and similar markets with solid demographics but less institutional buyer competition.
Tertiary Markets include small towns, rural areas, and markets with limited population growth: communities under 50,000 people, rural highways, and areas distant from major employment centers.
By Unit Type
Climate control commands a significant premium in both rent and sale price:
| Unit Type | Price Per SF Range | Premium vs. Drive-Up |
|---|---|---|
| Drive-Up (non-climate) | $40–$120 | Baseline |
| Climate-Controlled | $65–$200+ | 20%–40% premium |
| Covered RV/Boat | $20–$50 | Lower $/SF but higher margin |
| Indoor Vehicle Storage | $50–$90 | Niche market |
The climate-control premium exists because climate-controlled units generate substantially higher rents per SF. If a drive-up unit rents for $0.75/SF/month and a climate-controlled unit rents for $1.15/SF/month, the income stream justifies a proportionally higher acquisition price.
What Drives Price Per Square Foot?
Price per SF isn’t random — it’s driven by specific, identifiable factors. Understanding these helps you benchmark your facility accurately.
1. Location and Market Fundamentals
The single biggest driver of price/SF is location. Facilities in markets with strong population growth, high household incomes, and limited new supply command premium pricing. A 40,000 SF facility in suburban Nashville will trade at a vastly different price/SF than an identical facility in rural Mississippi.
Key market factors include:
- Population growth rate — growing markets see rent growth, which drives values up
- Median household income — wealthier markets support higher rents
- Supply pipeline — markets with heavy new construction face rent pressure
- Barriers to entry — zoning restrictions, land scarcity, and NIMBYism protect existing facilities
2. Occupancy and Revenue Per Square Foot
A facility’s revenue generation per SF is the fundamental driver of its value per SF. Two facilities of the same size can have dramatically different values based on occupancy and rental rates.
Revenue Per SF Benchmarks (Annual):
| Performance Level | Revenue Per SF | What It Means |
|---|---|---|
| Below average | $6–$8 | Below-market rents, low occupancy, or poor unit mix |
| Average | $9–$12 | Typical performance for secondary markets |
| Above average | $12–$16 | Strong rents and occupancy in good markets |
| Premium | $16–$22+ | Top-tier facilities in primary markets with rate management |
A facility generating $16/SF in annual revenue will naturally command a higher price/SF than one generating $9/SF — because the income stream is larger.
3. Facility Age and Condition
Newer facilities in good condition command premium pricing. Buyers pay more for:
- Modern building systems that won’t require near-term capital expenditure
- Contemporary unit mixes with the right proportion of climate-controlled space
- Updated security systems (individual door alarms, camera systems, electronic access)
- Good curb appeal and professional appearance
A facility built in 2018 in good condition might trade at $110/SF, while a 1990s-vintage facility of the same size in the same market might trade at $75/SF. The difference reflects both the physical condition and the expected capital needs.
4. Expansion Potential
Facilities with room to grow carry a premium that shows up in the price/SF calculation. Excess land, unused entitlements, or zoning that permits additional buildings can add $5–$20+ per SF to the acquisition price — because the buyer is paying for future revenue capacity in addition to current income.
However, expansion potential is often worth more to the buyer than it costs to build. If adding 15,000 SF costs $55/SF to build ($825,000) but generates $135,000 in additional NOI once stabilized (worth $2.08 million at 6.5% cap), the buyer is getting a great deal — and they know it.
5. Unit Mix and Configuration
Not all square footage is equal:
- Climate-controlled interiors generate 30%–50% higher rent per SF than drive-up
- Smaller units (5×5, 5×10) generate higher rent per SF than larger units (10×20, 10×30)
- Drive-up units with good access and visibility are preferred over interior hallway units in many markets
- RV/boat parking generates lower rent per SF but has minimal maintenance cost
A facility with 40% climate-controlled units and a strong small-unit mix will generate more revenue per SF — and therefore command a higher price per SF — than a facility that’s all large drive-up units.
How to Use Price Per SF Correctly
As a Sanity Check, Not a Valuation Method
Price per SF is a comparative metric, not a valuation formula. Here’s the right way to use it:
Step 1: Calculate your facility’s value using the Income Approach (NOI ÷ Cap Rate).
Example: $300,000 NOI ÷ 6.25% cap rate = $4,800,000
Step 2: Divide by your net rentable square footage to get your implied price/SF.
Example: $4,800,000 ÷ 45,000 SF = $106.67/SF
Step 3: Compare your implied price/SF to the market benchmarks for your class and location.
If your implied price/SF is $107 and comparable facilities in your market are trading at $90–$110, your income-based valuation is consistent with the market. If your implied price/SF comes out to $150 in a market where nothing trades above $120, either your NOI is overstated or your cap rate assumption is too aggressive — and you need to adjust.
Step 4: Investigate any significant discrepancies.
A price/SF that’s well below market comps might indicate you’re underpricing rents, operating with high expenses, or using too high a cap rate. A price/SF well above comps might signal that your facility has genuinely superior revenue generation — or that your financials need a closer look.
When Price Per SF Is Misleading
Price per SF can lead you astray in several common scenarios:
Low-occupancy facilities. A 60,000 SF facility at 65% occupancy with $150,000 NOI might be valued at $2.14 million by income approach ($150K ÷ 7%), implying just $36/SF. That looks dirt cheap — and for a value-add buyer, it might be. But the low price/SF reflects the current low income, not some structural problem with the facility.
A buyer who can fill those units to 90% and achieve market rents might see $350,000 in stabilized NOI — worth $5.38 million at 6.5%, or $90/SF. The $36/SF price reflects today’s reality; the $90/SF price reflects tomorrow’s potential.
Facilities with significant ancillary income. If your facility generates $80,000 annually from tenant insurance, truck rentals, and retail sales, that income boosts your NOI and your income-based value — but it doesn’t correspond to any physical square footage. Your price/SF will look high compared to facilities without those revenue streams, but the valuation is legitimate.
Mixed-use or excess land. A property with a self storage facility plus an adjacent retail pad or excess land can’t be accurately valued on a pure price/SF basis. The non-storage components have their own values that inflate the per-SF calculation.
Different unit mixes. Comparing price/SF between a facility that’s 100% drive-up 10×20s and one that’s 60% climate-controlled 5×10s is comparing apples to oranges. The climate-controlled facility will have a much higher price/SF because its revenue/SF is much higher.
Comparing Your Facility to the Market
When using price/SF to benchmark your facility, make sure you’re comparing:
- Same market tier — don’t compare your tertiary-market facility to primary-market sales
- Similar class — Class B to Class B, not Class B to Class A
- Similar unit mix — climate-controlled to climate-controlled
- Similar occupancy — stabilized to stabilized
- Recent timing — use sales from the last 12–18 months, not three years ago
And always, always reconcile price/SF against the income-based value. If the numbers don’t tell a consistent story, dig deeper before making any decisions.
Revenue Per Square Foot: The Overlooked Metric
While everyone talks about price per SF (the sale price), fewer owners track revenue per SF (the annual income) — but it’s actually more actionable.
Revenue Per SF = Annual Effective Gross Income ÷ Net Rentable SF
This metric tells you how efficiently your facility converts square footage into revenue. It’s influenced by:
- Rental rates relative to market
- Occupancy percentage
- Unit mix (smaller units and climate control = higher revenue/SF)
- Ancillary income per unit
National benchmarks for revenue per SF:
| Market Tier | Typical Revenue/SF | Top Performers |
|---|---|---|
| Primary | $12–$18 | $18–$24+ |
| Secondary | $9–$14 | $14–$18 |
| Tertiary | $6–$10 | $10–$13 |
If your revenue/SF is below the typical range for your market, that’s a signal that you have pricing power you’re not using — and a buyer will capture it if you don’t.
The Multiplier Connection
Here’s why revenue/SF matters so much: there’s a direct mathematical relationship between revenue/SF, expense ratio, and price/SF.
Price/SF = (Revenue/SF × (1 − Expense Ratio)) ÷ Cap Rate
Example:
- Revenue/SF: $12.00
- Expense Ratio: 40%
- Cap Rate: 6.25%
Price/SF = ($12.00 × 0.60) ÷ 0.0625 = $7.20 ÷ 0.0625 = $115.20/SF
Now change the revenue/SF to $14.00:
Price/SF = ($14.00 × 0.60) ÷ 0.0625 = $8.40 ÷ 0.0625 = $134.40/SF
A $2.00/SF increase in annual revenue translated to a $19.20/SF increase in property value. On a 45,000 SF facility, that’s $864,000 in additional value.
The Bottom Line
Price per square foot is a useful tool in your valuation toolkit — but it’s a screwdriver, not a Swiss Army knife. Use it to benchmark, to sanity-check, and to compare. But don’t use it to determine what your facility is worth. That requires the income approach, market context, and an understanding of your specific facility’s strengths and weaknesses.
The most informed sellers know both numbers: what their price/SF implies and what their income supports. When those two figures tell the same story, you’ve got a solid understanding of value. When they don’t, you’ve got a question worth investigating before going to market.
What’s the Price Per Square Foot in Your Market?
We track transaction data across markets nationwide. Tell us about your facility, and we’ll share current price/SF benchmarks for your specific market, class, and unit mix — along with a comprehensive valuation based on your actual income.
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