Like any commercial real-estate property, we too classify self-storage facilities in three (3) distinct categories: Class A, Class B, and Class C. We have adopted a quantitative approach as our framework for classifying facilities in the self-storage market. The three quantitative metrics used in our classification include facility age, facility size and population density. The goal of these classifications is to standardize discussions and allow for more relevant and granular analysis of the market.
A class A facility is one that has been built after 2012, usually centrally located in urban regions with a population greater than 400,000 in a five (5)-mile radius. The facility is an example of the newest and highest quality materials in the market and possesses the highest-quality infrastructure. To be considered Class A, a self-storage facility must also have greater than 30,000 rentable sqft..
A class B facility is one that has been built between 2008 and 2012, usually centrally located in an urban area with a population greater than 400,000 in a five (5)-mile radius. The facility is still of good quality, despite not being an example of the latest and highest quality materials. A class B facility must also hold greater than 25,000 rentable sqft..
A class C facility is one that is either older than Class B and/or located in less attractive areas, with a population total of at least 50,000 in a five (5)-mile radius. A class C facility must also hold greater than 5,000 rentable sqft..