IOS (Industrial Outdoor Storage)
Industrial outdoor storage is low-coverage land leased for truck, trailer, container, and equipment storage — priced on rent per acre, not per square foot.
IOS (industrial outdoor storage) is low-coverage industrial land leased primarily for outdoor uses — truck and trailer parking, container storage, equipment yards, and contractor laydown — usually with little or no building.
Why it's underwritten differently from warehouse industrial:
- Income is land rent. Price it on rent per usable acre, not building SF × $/SF (coverage is often 1–5%).
- Covered-land optionality. Much of the value is the covered land play — redevelopment upside the in-place rent carries.
- Two-NOI math. "NNN" IOS still leaves the landlord actual costs (insurance, bank fees, any landlord-paid tax), so broker vs true NOI discipline is essential.
Why it matters: IOS is a hot, fast-growing niche almost no tool models natively — most force it into a building-SF frame and get the income unit wrong.
Read the full playbook: How to Underwrite an IOS Deal · IOS land-yield calculator. UpsideIQ models IOS natively.
Teardown: How I underwrote an IOS yard — rent-per-acre, land yield, and zoning.
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