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Self Storage & the Unit Mix

Underwrite a Deal Updated Sep 3, 2026 Storage investors

A self-storage deal's income doesn't live in a rent roll of tenants — it lives in the unit mix: which unit types the facility has, how many of each, and what they rent for. In Mogul Deal Evaluator, the unit mix is the beating heart of the SS underwrite, and several numbers you might expect to type are deliberately derived from it.

Build the mix

In the Income stage, the Rental Income & Unit Mix card starts empty — Add unit type opens the editor: the unit type (drive-up, climate control, RV/boat, and so on), its dimensions, the unit count, and the in-place and market rents per unit. As you add rows, the card totals potential income, shows per-square-foot rent, and flags loss-to-lease — the gap between what units earn and what the market says they could.

You can also Import from spreadsheet — drop a rent roll (XLSX, CSV or PDF) and Mogul Deal Evaluator reads unit, size, status and rent, shows you every row for review, and writes the approved inventory straight into the Unit Mix. Rolls that list only rented units are fine: a lease-start date is read as occupancy, so you don't have to invent a status column. Rows that aren't storage inventory — an office or retail building on the same sheet — are flagged so you can exclude them before approving.

The unit count is derived — on purpose

The Self-Storage deal setup row: Total Units reads "310 units" with a lock icon, captioned "Calculated from Unit Mix" above an Edit Unit Mix link, alongside the editable Property Name, Purchase Price and derived Implied Cap Rate fields.
Total Units is locked and derived — the only way to change it is to change the mix.
There is no editable "total units" field on a self-storage deal. Total units = occupied + vacant + offline, summed across your unit-mix rows — Property Information shows the result read-only. If the total looks wrong, the fix is always the same: edit the Unit Mix. One source of truth means the unit count, the income, and the occupancy can never quietly disagree.

Occupancy: physical and economic

  • The stats row tracks Occupied, Vacant, and Offline units — offline units (damaged, converted, staged) count toward the total but can't earn.
  • The deal's Overview reconciles physical occupancy (from the unit mix) against the in-place occupancy you entered manually — and flags a mismatch rather than hiding it, because a facility that's 86% full physically but underwritten at 95% economically is a story that needs explaining.

Where the mix flows

The unit mix drives rental income into the same detailed engine multifamily uses — expenses, debt, projections, exit — and surfaces storage-native readings along the way: price per net-rentable square foot, per-occupied-unit pricing, and the rent upside between in-place and market rents by unit type. The report presents the mix as its own table, so an investor sees the facility the way operators think about it.

Common questions

  • "Where do I set total units?" — You don't; add or edit unit-mix rows and the total follows.
  • "What's an offline unit?" — Real but unrentable right now. Tracking it keeps your occupancy honest and shows recoverable upside.
  • "Why is my income zero with units entered?" — Check the rents on each row and the occupied counts — vacant and offline units don't earn.
self storage unit mix occupancy offline units loss to lease
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