Ontario Self-Storage Value Screen
A transparent first-pass screen for an Ontario self-storage facility. Enter annual revenue, choose an operating-expense assumption and a market cap-rate assumption, and see the arithmetic behind the range. Every assumption is shown and every source is linked.
Your entries remain in your browser while using this screen. Information is sent privately to INVSTY only if you choose to request a property-specific review.
Your assumptions
Gross annual revenue for the facility in Canadian dollars.
Indicative screening range
How to read this screen
Gross revenue is not NOI
Net operating income is revenue less recurring operating expenses: property tax, insurance, utilities, repairs, site staffing, management, software, merchant fees, marketing and administration. It is not revenue, and it is not cash flow after debt service or capital spending. Revenue stated before HST is still gross revenue, not NOI.
How the expense screen works
This is a preliminary operating-expense screen, not a forecast for every facility. StorageVault's published fiscal 2025 results imply an expense ratio of approximately 34.1%, and SmartStop's Q2 2025 disclosures imply approximately 33.6% for same-store properties, 34.6% for total portfolio results and 42.5% for non-same-store properties. These are public-company portfolio figures, not direct benchmarks for a specific privately owned Ontario facility. Larger, staffed, climate-controlled, mixed-use, recently acquired or less stabilized properties may differ materially.
Why cap rates vary
Capitalization rates differ by market and submarket, facility scale, construction quality, climate control, physical condition, management platform, length and quality of operating history, the buyer profile bidding for the asset and, above all, the transaction evidence available at the time. A published range describes a market, not a specific property.
HST treatment in this screen
Before HST uses the amount you entered without adjustment. Includes HST divides by 1.13, and only after you confirm that the whole amount was taxed at 13%. Unsure or mixed never picks a basis for you: both cases are shown side by side. Mixed revenue, including any exempt or differently taxed supplies, requires confirmation by your accountant. This screen is not tax advice.
Current operations versus stabilized upside
A theoretical rent increase should not be capitalized as though it were already collected. Rent changes take time to move through the tenant base, and occupancy, churn, concessions, bad debt, competitive response and implementation risk all affect what is actually realized. Current and stabilized cases belong in separate calculations.
Expansion and development value are separate
Do not add the full value of excess land or a site-plan approval to a capitalized operating figure. Construction cost, professional fees, approvals, servicing, timing, financing cost and lease-up need to be modelled on their own before any additional value is credited.
How to review an appraisal
Check the effective date, whether income is actual or stabilized, which expenses are recurring, whether a market management allowance and capital reserve are deducted, how the capitalization rate is supported, which comparable transactions are relied on and what highest-and-best-use assumptions were made. A qualified appraiser working to Canadian professional standards is the correct source of an opinion of value.
Methodology, sources, as-of date and limitations
Cap-rate assumptions are as of the Colliers Q4 2025 report and the expense screen reflects fiscal 2025 and Q2 2025 public-company disclosures. Assumptions are reviewed periodically and are not continuously updated intraday.
Indicative screening range only. Not market value, an appraisal, an offer, financing advice or a guarantee of sale price. A property-specific review requires verified operating information, physical and economic occupancy, rent roll, expenses, capital requirements, market conditions and transaction evidence.
Looking for the wider picture first? Read the Ontario self-storage hub.