304. Appraisals 101: How to Value a Self Storage Facility (Step-by-Step) w/Tim Garey
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 8 July 2025
⏱️ 47 minutes
🧾️ Download transcript
Summary
Want to know how to value a self storage facility? Stick around and we’ll show you! In this episode, seasoned appraiser Tim Garey breaks down the entire valuation process—and shows you how to get the right valuation.
With more than twenty years of experience, Tim oversees a team of thirty appraisers nationwide at Cushman & Wakefield’s Self Storage Advisory Group. He has appraised all types of properties, from shopping centers and golf courses to industrial buildings and, of course, self storage facilities. In this episode, Tim will share how and why he got into the self storage industry before walking you through the entire appraisal process, step-by-step.
Whether you’re a buyer or seller, Tim offers all kinds of helpful tips for working with appraisers—like the types of information you need to provide to ensure that the process goes as smoothly as possible and why it’s in your best interest to build a relationship with your appraiser. But that’s not all. He’ll also share why ordering your own appraisal could hurt your deal, and why self storage has seen a recent influx of private money!
What you’ll learn in today’s show:
- How the self storage appraisal process works (step-by-step!)
- Why a property’s sale price and market value don’t always align
- What you must do to get the right valuation for your self storage facility
- Why more private money is moving into the self storage industry
- What you need to know before ordering your own appraisal
- Why it’s always in your best interest to cooperate with appraisers
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Email Tim: tim.garey@cushwake.com
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Transcript
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| 0:00.0 | The bank is our client, so they're the ones that we're working for, even though the buyers, a lot of times are writing the check for the appraisal. And that's why it's a partnership too. And even that's how we look at the appraisers. They may not work for us, but we look at it as we're here working with the bank to try to make sure, because honestly, we want to know. We're in the middle of buying a property. So if that appraiser comes back and see something that we don because honestly we want to know we're in the middle of buying a property so if |
| 0:21.2 | that appraiser comes back and see something that we don't i want to know what should be in the |
| 0:26.3 | forefront of their mind and what can they do to help you guys with your job what's going on guys Thanks so much for tuning in at the Self Storage Income podcast. This week, we've got a special release for you guys. We're going to be re-releasing one of our episodes that we did with Tim Gary from Cushman and Wakefield. This episode has so many phenomenal bits and pieces for you guys |
| 0:56.1 | to really take away and succeed in finding and funding self-storage, valuing it. Tim shares with us |
| 1:03.3 | how he goes through the valuation process. When looking at storage facilities, he talks about how to |
| 1:07.7 | coordinate with banks, with sellers, and all of those players that you're going to need to bring together in that transaction. He also talks about how to coordinate with banks, with sellers, and all of those players that |
| 1:11.0 | you're going to need to bring together in that transaction. |
| 1:13.8 | He also talks about how self-storage is valued, how some of those things change over time, |
| 1:18.3 | the metrics that affect those different values of storage facilities and the assets there. |
| 1:22.5 | So really, really valuable information, whether you're just starting out or you're a veteran, |
| 1:32.1 | a really, really good industry insight from Tim here today. Really excited to share this with you guys again. Again, it's one of our top 10 episodes. Can't wait for you guys to jump in. Check it out. |
| 1:37.5 | Welcome everybody to the podcast. We are so excited to jump in on this today. We have gone over so much at the beginning of the year |
| 1:46.4 | in the self-storage world and what has been going on, what has been changing. We've talked |
| 1:51.1 | a lot about interest rates. We have a really great guest today that we are actually bringing |
| 1:58.3 | on a topic that we have not hit on yet on the podcast. |
| 2:01.7 | And it's overdue. |
| 2:03.8 | We need to. |
| 2:04.5 | Very, very important part of the process. |
| 2:07.3 | And we're really excited to jump into this. |
| 2:11.2 | Yeah, man, it's going to be a good episode. |
| 2:12.6 | There's going to be a ton of value here today. |
| 2:14.8 | Like you said, it's a topic that we really haven't touched in depth. So I want to give you huge warm welcome to Tim with Cushman Wakefield coming in, talking all things, self-storage appraisals, letting us know, you know, what the pulse is on the market with, you know, interest rates and what you're seeing out there with banks and the interaction there. And the whole process of what, |
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