We’ve received numerous requests over the years for a Self Storage Development Model in Excel. With strong investment and development activity in this niche property type, I recognize a self storage model on A.CRE is long overdue. But with so many other projects on our plates and limited experience with self storage, we just hadn’t found the time. That changed late last year.

Since sharing this model, we’ve made several updates. Included in those updates are various bug fixes as well as enhancements. Two enhancements are worth mentioning. The model now includes a simple vs. detailed lease-up module to help you model your lease-up schedule with more precision. We’ve also added a simple vs. detailed concessions module, to help you model free rent and other concessions. We continue to update the model as issues arise and as your thoughts and suggestions come in.

The Catalyst for the Self Storage Development Model in Excel

This model was really made possible thanks to our A.CRE Apartment Development model. You see, when I built the apartment development model, I deliberately built it in blocks or modules. With the modules largely independent of one another, swapping out one module for another only takes a few hours (rather than days) and in most cases requires minimal changes to the other modules.

So building this self storage development model was relatively simple. I started with the A.CRE Apartment Development model, swapped out the apartment operating cash flow module for the self storage operating cash flow module, and then made a few tweaks to the other modules and summary sections. Finally, I made some updates to the VBA code, cleaned up a few unnecessary named ranges, and the model was complete.

In all, this self storage model only took about 10 hours to build – in contrast to the 50+ hours I’ve spent over the last year on the Apartment Development model. And I really like the result – a robust, yet simple and intuitive model for assessing self storage real estate development opportunities.

Includes a self storage operating cash flow module

Basic Objectives – A.CRE Self Storage Development Model

Given that the backbone of the Self Storage Development model is the Apartment Development model, all of the criteria that drove the process remained the same. I wanted the model to be robust – meaning it had to be able to do everything an institutional-quality self storage development model can do, while being simple and intuitive.

The result is a model where 100% of inputs are on one, easy to use tab (i.e. worksheet) – the Underwriting tab. Cash flows are shown immediately to the right of the inputs on the Underwriting tab, and the outcomes are reported on an attractive and printer-friendly Summary tab. The only other tabs are a Versions tab, where changes to the model are listed and a hidden data tab, where data validation lists live.

The Summary tab includes six charts that visualize the results of the analysis.

This model likely still contains errors. If you spot an error, have a feature request, or would like to make a suggestion to improve the model, please let me know.

Overview – A.CRE Self Storage Development Model

The A.CRE Apartment Development Model includes one primary inputs tab, one report tab, one data tab, and a tab to track version changes to the model.

Version Tab (Visible by default)

The model opens initially to this tab so you can see what changes have been made in the most recent version of the model. On this tab you can also find links to model tutorials, guides, support, and other information.

Underwriting Tab (Visible by default)

The Underwriting tab is where all of your primary inputs are entered. The tab is broken up into six sections, built from top to bottom. The sections can be accessed either by scrolling down to each or using the buttons along the top of the screen. The six sections are ‘Description’,  ‘Development’, ‘Operations’, ‘Reversion (Sale)’, ‘Returns’, and ‘Sensitivity’.

Summary Tab (Visible by default)

While the return metrics levered IRR, levered EMx, and Development Spread are shown shown along the top of the Underwriting tab, the bulk of the risk and return metrics are shown/visualized on the Summary tab. The summary tab also includes six charts, a strengths/weaknesses section, a frame to include a picture/map, and a summary of the investment. The Summary tab is meant to be printed, and as such the view mode is set to Print Preview by default.

Data Tab (Hidden by default)

Some basic backend settings are housed in a Data tab. These settings are related to the s-curve development cash flow forecasting module, date and period headers, and may include other settings as the model evolves.

Guides and Tutorials for Using the Self Storage Development Model

I will follow this post up with a basic walk through of the Self Storage Development model. In that video, I’ll model a hypothetical deal using the model, while pointing out the main differences between it and the apartment development model. Even so, the tutorials for the apartment development model are still relevant to this model. I recommend you watch the tutorial videos for the apartment development model.


This version of the model is only compatible with Excel 2013, Excel 2016, and Excel 365

Download the A.CRE Self Storage Development Model

To make this model accessible to everyone, it is offered on a “Pay What You’re Able” basis with no minimum (enter $0 if you’d like) or maximum (your support helps keep the content coming – typical real estate development models sell for $100 – $300+ per license). Just enter a price together with an email address to send the download link to, and then click ‘Continue’. If you have any questions about our “Pay What You’re Able” program or why we offer our models on this basis, please reach out to either Mike or Spencer.

We regularly update the model (see version notes). Paid contributors to the model receive a new download link via email each time the model is updated.

Version Notes


  • Built module for modeling rent concessions
    • Added ‘Concessions (% of Gross Rent)’ line below Gross Rent
    • Added ‘Simple’ or ‘Detailed’ toggle to select what method to use for modeling the concessions
    • Wrote VBA macros to toggle between Simple and Detailed
    • Added a ‘During Lease Up’ and After Lease Up’ assumption to choose concessions percentage during those phases
    • Added a ‘Concessions %’ line above cash flows; when method type is set to ‘Detailed”, line allows user to manually model concessions % by month
  • Minor update to VBA language for Lease Up Macro
  • Misc. formatting fixes and improvements


  • Removed hidden button from OpEx section, that had been leftover from Apt Dev. Version of model
  • Cleaned up unnecessary VBA code
  • Misc. formatting fixes and improvements

beta v0.1

About the Author: Born and raised in the Northwest United States, Spencer Burton has over 15 years of real estate investment and development experience. In his current position, Spencer assesses new acquisition, development, and debt opportunities for a $45bn real estate fund. He resides in Dallas, TX.