How do you start a self-storage business in 2027?

Honest 5/10 take. Capital-intensive real estate. Startup costs: buying an existing facility $1M-$10M+ depending on size and market. Ground-up build on 3-5 acres $2M-$8M (land, site work, single-story drive-up units $35-$60/sqft, climate-controlled $80-$130/sqft). Conversion (old retail/warehouse) often $1M-$4M and faster. Licenses/zoning: this is the bottleneck. Self-storage zoning is increasingly restricted - many municipalities have moratoriums or require special-use permits in commercial zones. Stormwater, parking, fencing, lighting, security camera codes apply. Plus business license, sales tax (some states tax storage rent). Customer acquisition: 80%+ of demand comes from Google searches within 3-5 miles. SEO + Google Ads are mandatory. SpareFoot and Storable aggregators drive fill but charge fees. Revenue model: $0.80-$2.50/sqft/month depending on market. Aim 90%+ economic occupancy, 8-10% expense ratio of revenue at scale. Add tenant insurance, late fees, retail (locks/boxes), truck rental for ancillary. Year 1: lease-up takes 18-36 months for new builds. Cash flow negative year 1-2 typical. Mature facilities throw 35-50% NOI margins; cap rates 5.5-7.5% in 2027.