Does anyone know a free site that lists self storage properties recently sold? I am looking for a site that gives purchase price, cap rate, sq ft and/or units. I know that loopnet provides lists, but most cost money.
Storage Data Services, Inc. (SSDS) is a research company which maintains a number of databases on self storage. SSDS was founded by Ray Wilson an industry pioneer and one the industries leading experts on self storage data and valuation. SSDS has the type of data you may be looking for. Ray's firm calls self storage investment sales firms such as ours every quarter to survey and collect data on self storage investment sales. Their web site is www.ssdata.net.
There are many reasons why focusing on Cap Rates in isolation can be very misleading. These reasons include: the fact that nearly everyone calculates Cap Rates slightly different. Furthermore, the true potential of properties by virtue of their condition, quality of real estate, physical plant, location and the extent to which a property is declining or conversely offers upside potential all are critical factors that need to be recognized. As an illustration, a Class C property should really trade a couple of hundred basis points higher (lower value) than a Class A property. Without knowing these distinctions, a simple list of closed sales can lead to confusion.