How to Source Off-Market Self-Storage Deals in 2025
The Playbook Behind $229 Million in Acquisitions Across 52 Facilities in 24 States
Most investors chase the same listed deals, competing in auctions that squeeze returns and erode margins.
Meanwhile, sophisticated operators are building pipelines of off-market opportunities where they’re the only buyer at the table.
Fernando Angelucci of SSSE has closed $229 million in self-storage acquisitions across 52 facilities and 24 states over eight years.
They manage 14,246 units totaling nearly 2 million net rentable square feet.
Their secret?
A systematic multi-channel approach that positions you as the first call when owners are ready to sell—often years before properties hit the market.
Here’s the complete playbook for finding, nurturing, and closing off-market self-storage deals.
The Two-Track Strategy: Long Game + Immediate Results
Successful deal sourcing means running running two strategies at the same time.
One builds credibility over years.
The other generates immediate conversations.
Track One: The Credibility Engine (3-4 Year Build)
This strategy takes time but creates compounding returns.
It’s about being everywhere when sellers research potential buyers.
The components:
Podcast appearances
Speaking engagements at trade shows and conferences
Social media presence across multiple platforms
YouTube content demonstrating expertise
A deal-focused website highlighting your track record
The beauty of this approach is that one hour-long podcast can become 700+ pieces of content when repurposed into clips, quotes, and snippets.
When a seller gets your letter or call, they’ll Google you.
If they find proof of expertise and successful deals, your credibility is already sold before you speak.
Once the engine’s running, it creates a moat around your deal flow.
Track Two: Direct Outreach Immediate Results
While the credibility engine builds, direct outreach generates conversations today.
The core tactics:
Targeted direct mail campaigns
Cold calling to owners and site managers
Skip tracing to find current contact information
Face-to-face networking at trade shows
Structured multi-touch follow-up
Self-storage is a tight industry—only ~60,000–65,000 facilities exist nationwide.
That scarcity makes personalization possible—and necessary.
The Step-by-Step Direct Outreach Process
Here’s the exact sequence that generates off-market deals.
Step 1: Build Your Target List
Start with clean data.
Buy from a reputable broker using tight filters:
35,000+ rentable square feet
Fast-growth metros (top 10 per state)
Expansion potential and strong fundamentals
Focus on cities where population growth outpaces construction; those imbalances create pricing power and occupancy stability.
Step 2: Skip Trace for Contact Information
Run your list through a skip tracing program. With just a name and property address, you can uncover:
Last five cell phone numbers used
Last five email addresses used
Utility payment history
Other public domain information
Step 3: Make the Cold Call
Call the owner directly if possible. If you can’t reach them, call the facility and speak with the site manager to get connected.
The script is soft-sell:
“Hi [Name], I see the New York Self Storage Association conference is coming up in a couple months. I’m a fellow storage owner looking to expand near your location. Would love to sit down and buy you a beer.”
Be human. No hard pitch. End with:
“If you’re ever looking to sell, would you consider working with us?”
You’re building rapport, not closing a deal.
Step 4: Send a Handwritten Letter
Immediately after the call, send a handwritten note (not typed, not printed—handwritten).
Handwritten letters cut through the noise and feel personal in a digital inbox world.
Step 5: Meet at Industry Events
If the owner attends state or regional self-storage association meetings, show up.
Show up at state or regional association meetings.
Deals start over coffee, not PowerPoints.
Step 6: Make Strategic Site Visits
For key markets, visit in person. Example:
Target upstate New York, shortlist 15–20 facilities, drive the route, meet managers, and leave a physical footprint.
Showing up signals seriousness and separates you from postcard spam.
Step 7: Maintain Consistent Follow-Up
If they’re not ready, check in every 3–6 months, email, text, or call without selling.
Instead, add value:
Share recommendations for insurance brokers
Suggest new technology you’re using successfully
Provide market insights from your portfolio
Lead with contribution, not asks.
The average self-storage owner is over 65 years old, often on their first or second retirement.
They’re not in a rush.
Your job is to be top-of-mind when they decide it’s time.
Some of the best deals come from relationships nurtured for 4 or 5 years.
The seller was never “ready” until suddenly they were, and you were the first call.
The Fast Filter: Qualifying Deals in 15 Minutes
Before deep underwriting, run this quick screen.
1. The Polka-Dot Test
Plug the address into Google Maps and count storage icons within 3–5 miles.
If it looks like confetti, skip it—oversupplied markets kill rent growth.
2. Size Threshold
Skip facilities under 35,000 NRSF.
Smaller sites drain resources without scale returns.
3. Geographic Focus
Stay flexible across states but target each state’s 10 fastest-growing counties.
Re-evaluate yearly based on migration data.
If a property clears these filters, then it’s worth full underwriting.
The Four-Level Due Diligence Process
SSSE uses a graduated approach to due diligence, investing more resources as deals prove their merit.
Level 1: The Polka-Dot Test (15 Minutes, $0 Cost)
Already covered above. This eliminates obvious non-starters with virtually no cost.
Level 2: Full Underwriting (2-3 Days, Minimal Cost)
The underwriting team conducts in-depth competitive analysis:
Identify every competitor within the trade area
Grade each competitor (Class A, B, C, or D)
Secret shop every competitor by calling and asking about availability, rates, and unit sizes
Determine which competitors offer climate control vs. non-climate control
Calculate supply/demand metrics
The Supply Index Number Formula
This metric provides a quick gauge of market balance:
Supply Index = Net Rentable Square Feet of Supply ÷ Population in Trade Area
Calculate this for three zones:
5-minute drive time from the site
10-minute drive time from the site
15-minute drive time from the site
Use software that pulls census tract data for these irregular polygons, not perfect circles.
Actual drive time shapes matter because rivers, highways, and geography affect customer behavior.
Interpreting the Supply Index:
Below state average = undersupplied (good)
At state average = balanced
Above state average = potentially oversupplied (requires deeper analysis)
However, competitor occupancy overrides this metric.
If the supply index is high but all competitors run 85%+ occupied, the market clearly has strong demand despite the numbers.
Rent Per Square Foot Analysis
This determines whether construction or expansion makes economic sense.
The thresholds:
$9/sq ft or below: Too low to justify construction costs (65-100/sq ft to build)
$12+/sq ft: Justifies Class C construction (basic drive-up units, minimal paving)
$16-20/sq ft: Justifies Class B+ construction (single-story climate control, paved driveways)
$22+/sq ft: Justifies Class A construction (multi-story, state-of-the-art facilities)
If rents don’t support the construction required, pass on the deal regardless of demand metrics.
Level 3: Under Contract Due Diligence (Full Documentation Review)
Once under contract, collect all supporting documentation:
Rent rolls and lease agreements
Last 2-3 years of P&L statements
Tax returns
Operating expense details
Capital improvement history
Verify every number.
Don’t take the seller’s word; confirm independently.
Level 4: Third-Party Feasibility Study ($10,000-15,000)
Hire a non-biased third party to conduct a comprehensive market feasibility study.
Pay the full amount upfront before they begin work to avoid any bias in results.
This report goes to:
Your investors (for transparency and confidence)
Your lender (required for debt approval)
Both parties can approve the study or request a different one.
The lender’s underwriters will also conduct their own analysis using your provided documentation.
This four-level approach stops you from spending $15,000 on feasibility studies for deals you could have eliminated in 15 minutes, while also making sure serious opportunities get the thorough vetting they deserve.
Red Flags to Avoid
Population decline → automatic no; exits vanish in shrinking markets.
Class D facilities → cheap for a reason (end-of-life assets).
Future-growth fantasies → underwrite for now, not “after the chip plant opens.
Unverified track records → always demand documentation.
Unrealistic returns → inflated IRRs signal inexperience.
What to Look For in Operators
For passive investors seeking to deploy capital without managing the facilities themselves, choosing the right operator is everything.
Verified Track Record
Look for operators with substantial completed deals in self-storage specifically.
They need to have done the exact strategy they’re pitching multiple times successfully.
Verify with documentation:
Proof of closed transactions
Verified investor returns on completed deals
Portfolio performance across market cycles
Conservative Underwriting
Operators who consistently deliver returns that exceed initial projections are underwriting conservatively.
They’re building in margin for things going wrong.
Operators who consistently fall short of projections are either unlucky or (more likely) unrealistic in their assumptions.
Transparent Communication
The best operators provide regular updates, detailed reporting, and open access to performance data.
They’re comfortable with investor questions because they have nothing to hide.
Warning sign: Operators who get defensive about questions or claim information is “proprietary” when asked for deal-level performance data.
Established Systems
Look for evidence of systematized operations:
Property management systems and technology
Marketing processes
Financial reporting cadence
Asset management oversight
Amateurs wing it while professional operators have documented, repeatable processes.
The Bottom Line
Off-market deal sourcing isn’t about secrets; it’s about consistency, patience, and presence.
Most investors won’t do this work.
They’ll fight over listings while margins evaporate.
Those who execute the system build a defensible moat: they buy quietly, negotiate from strength, and scale sustainably.
For operators who execute systematically, this is the opportunity of the decade.
About SSSE: Operating 52 self-storage facilities across 24 states with $229 million in transaction volume and nearly 2 million net rentable square feet.
If you are interested in passive self-storage opportunities, visit ssse.com or call (630) 408-8090.