United States 美国
The mature-market benchmark — transparent rules, modest returns
The US is not the board's answer; it is the benchmark: it tells you the real price of "hassle-free" in a mature market — self-storage cap rates of about 5.8–5.9%, with passive buying unable to reach 8%.
Four grades
Identity & tax (in one line)
Identity & tax: EB-5 (USD 800,000 in a TEA) is a separate immigration product — ordinary property and storage investments confer no status whatsoever; non-resident dividend withholding defaults to 30% (varying by treaty), and direct property ownership also faces FIRPTA and an estate-tax exemption of only USD 60,000.
This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.
Key metrics
Why this country
The US holds about 90% of global self-storage stock, industry revenue of USD 44.3 billion, and the most mature rules and exit channels. Newmark's survey: cap rates recovered from a 5.0% trough in Q4 2022 to about 5.8–5.9% by mid-2025 (Class A 5.05%, B 5.95%, C 6.75%), with small-market properties reaching 7–8% and more; development yield-on-cost can still reach 8–10%, but that is development return requiring a 3–4 year stabilisation period, not day-one cash flow. Put emerging-market marketing claims of 8–10% next to this benchmark and it is obvious how much of the premium is risk compensation.
The US has exactly one boarded opportunity (rank 10): Class B/C self-storage acquisition and operation, cap rates 5.8–5.9% verified, verdict do — but note what this "do" means: buying certainty under mature rules, not buying high returns. Development yield-on-cost of 8–10% does not count; it takes 3–4 years of stabilisation and fails this site's day-one-cash-flow standard.
Watch the rate path and whether rent recovery holds: cap rates have climbed back from 5.0% to 5.8–5.9%, and if the refinancing environment shifts, the B/C acquisition window moves with it. The US is the whole site's benchmark — every other market's premium gets weighed here, and this benchmark shows most clearly how much of a premium is risk compensation.
Entry routes
Acquire Class B/C self-storage and operate it better; or develop with a local operator (8–10% yield-on-cost). The tax and holding structure for foreign buyers was not verified this round and needs separate due diligence.
Risks
- Interest-rate and refinancing risk (a concentration of debt matures in 2028–29)
- New supply suppressed rents; rents only returned to year-on-year growth at the end of 2025.
- The tax and holding structure for foreign buyers was not verified this round; do separate due diligence before any real transaction.
Ranked opportunities in this country
| Overall rank | Opportunity | Net return (primary metric) | Our take |
|---|---|---|---|
| 10 | US Self-Storage (Class B/C Acquisition & Operation) | 5.8–5.9% | Do |
| 13 | US express car washes: operating the store and owning the dirt are two different businesses | 6.2–6.3% | Do, with conditions |
| 16 | US manufactured-housing communities and RV resorts, listed relay: the lot-rent business at ELS | 94% | Do, with conditions |
| 17 | US laundromats, taken apart: "20–35% returns" confuses a margin with a return | 26–27% | |
| 52 | US single-tenant net-lease retail (listed route): asset cap rates of 7.3%, about 4.0% in hand for Singaporeans — a 30% withholding sits between | 7.3% | Do, with conditions |
| 70 | US farmland REITs, taken apart: an 8% headline on a 142.5% payout ratio — the money paid out exceeds the money earned | 4.09–8% | |
| 71 | US data-center REITs, taken apart: the healthiest coverage in the REIT world, at a 2.1–2.8% yield — it is a growth stock, so do not buy it for cash flow | 2.1–2.8% |