Cap rate of self-storage properties in the U.S. 2023, by investment class
The average cap rate for class A self-storage properties in the United States was 5.2 percent in the first half of 2023. The cap rate was the highest for the upper decile of class B properties, at 7.5 percent. Cap rates measure the anticipated total return of a real asset and are calculated by dividing the net operating income by the property's value. While properties with higher cap rates suggest higher return, they are also associated with more risk.