Self-Storage NOI Calculator
Tally the income and the storage-specific operating expenses and triangulate your net operating income in a few minutes. Answer the fields you know, skip the ones you don't. Nothing leaves your browser. We'll show NOI, your expense ratio, per-unit economics, and what it implies your facility is worth.
Facility basics
Optional, but unlocks per-unit and per-square-foot economics in your results.
Income
Enter figures in annual dollars. Gross potential rent is what you'd collect at 100% occupancy and street rates.
Operating expenses
Storage-specific operating costs only. Leave out your mortgage, capital improvements, depreciation, and income taxes, which sit below NOI.
Valuation (optional)
Cap rates compress NOI into an asset value. Enter the cap rate buyers are using in your market to see what your NOI is worth.
$0 per month
NOI margin
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Expense ratio
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NOI / unit
add units
NOI / sq ft
add sq ft
Higher occupancy and street rates flow straight to NOI. That's the line StorageAds is built to move.
The math (annual)
Not counted in NOI (on purpose)
Mortgage / debt service, capital improvements, depreciation, amortization, and income taxes all sit below the NOI line. Leaving them out is what makes NOI comparable across facilities and the number lenders and buyers underwrite.
How NOI works for storage
What exactly is NOI?
Net operating income is your effective gross income minus your operating expenses. It is the cash the property throws off before financing and taxes. Formula: EGI − operating expenses = NOI.
What is effective gross income (EGI)?
Gross potential rent (every unit full at street rate) minus vacancy and credit loss, plus other income like tenant insurance commissions, late fees, admin fees, retail, and truck rental. It is the income you actually collect.
Which expenses belong in NOI?
Only operating costs of running the facility: payroll, property taxes, insurance, utilities, repairs, marketing, management fees, office/software, processing fees, security, grounds, and professional fees. Keep them storage-specific.
What should I leave out?
Your mortgage and interest, capital expenditures (new roof, paving, door replacement), depreciation, amortization, and income taxes. Those sit below NOI. Folding them in understates your NOI and distorts your valuation.
How does NOI drive my facility's value?
Buyers value storage on a cap rate: value = NOI ÷ cap rate. At a 6.5% cap, every extra $10,000 of annual NOI adds roughly $154,000 of value. Filling units and raising rates is the fastest lever, which is exactly what marketing should be measured against.
What's a healthy expense ratio?
Self-storage operating expense ratios commonly land in the 35–45% range of EGI, varying with management model, climate control, taxes, and market. Your number is a starting point for a conversation, not a verdict.
A sign on a chainlink fence is not an acquisition strategy
NOI grows when units fill and rates hold. StorageAds runs the ads, builds the landing pages, and proves which campaigns moved the line. Built by an operator, tested on our own facilities first.
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All toolsThis calculator is an estimating tool for self-storage operators. It does not constitute financial, accounting, tax, or investment advice. Figures are only as accurate as the inputs you provide. Confirm any number used for a transaction, loan, or valuation with your accountant.