What Are Self-Storage Cap Rates in Texas & Oklahoma in 2026?
Cap rates are how storage is priced: a facility's net operating income divided by the rate buyers are paying. After the 2021–22 compression and the repricing that followed higher interest rates, here's where Texas and Oklahoma actually stand in 2026 — based on recent closings, not guesswork.
What Recent Closings Show
Across roughly 50 recent Texas and Oklahoma self-storage closings:
| Benchmark | Recent closings |
|---|---|
| In-place (current) cap rate | ~5.7% average |
| Year-1 (stabilized) cap rate | ~7.2% average |
| Price per square foot | ~$86 average |
| Sale price vs. asking | ~95% |
| In-place cap range (by quality) | ~4% (prime metro) to ~9% (small/secondary) |
The spread is wide because quality varies. As a rough guide by asset profile:
| Asset profile | Indicative in-place cap |
|---|---|
| Class-A stabilized, major Texas metro | ~5.5–6.5% |
| Class-B / secondary market | ~6.5–7.5% |
| Value-add / lease-up / smaller market | ~7.5–9%+ |
What Moves a Cap Rate
- Occupancy & lease-up — stabilized (90%+) trades tighter than fill-up.
- Class, age & climate mix — newer, climate-controlled assets trade tighter.
- Market & submarket supply — a heavy local pipeline widens cap rates to compensate for absorption risk, and most Texas/Oklahoma metros are now well-supplied at ~9+ sf/capita.
- Upside — buyers accept a lower in-place cap when there's clear room to raise NOI (that's why in-place caps average below stabilized).
How to Use These Benchmarks
A cap rate is only as good as the NOI it's applied to. Before you trust a "6 cap," normalize the expenses (a 6–8% management fee), confirm economic (not just physical) occupancy, and check the local supply pipeline.
Get a Number for Your Facility
Cap rates are submarket-specific and they move. For a current estimate of what your facility could be worth, try our free valuation or request a Broker Opinion of Value.
Benchmarks reflect recent Texas/Oklahoma closing data and vary by asset and submarket. Not investment advice.