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What to Have Ready Before You Sell a Self-Storage Facility

A buyer prices what they can verify. The better your records, the less they will discount for the unknown. These are the items buyers ask for first.

The numbers

• Three years of profit and loss, by month, with the same income and cost lines every year.
• A trailing-twelve-month report.
• A current rent roll: every unit, size, rent, move-in date, paid-through date, discounts and past-due balance.
• Your posted rates and the rates customers actually pay.

The property

• Property tax bills and the assessment.
• Insurance, tenant protection program papers and fee income detail.
• Condition of roof, doors, paving, lighting, cameras, gate and fire systems.
• Zoning, permits, certificate of occupancy and a current survey, plus any land that could hold more units.

The owners and the money

• Who owns the property and who must sign.
• Loan balance, maturity and prepayment cost.
• Your tax basis and depreciation history, which your tax adviser needs.
• Contracts that stay or go, such as tower leases and software.