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Has anyone here started a storage buisness?
Posted on 3/13/23 at 10:18 am
Posted on 3/13/23 at 10:18 am
I have a piece of land that my mother and I are willing to develop. One of our ideas has been a climate controlled storage business as they tend to do well and could easily be managed online. Anything else could be handled by her or my sister. The land is 1.6 acres, zone C-2, and is completely paid off. It currently has my mother's house on it (she lives elsewhere) and is rented by my sister but that is not an issue. Any advice is appreciated!
This post was edited on 3/13/23 at 2:59 pm
7
Posted on 3/13/23 at 11:26 am to jmarto1
quote:Yes
Has anyone here built started a storage buisness?
quote:That's a bold statement ignoring myriad confounding variables and details.
they tend to do well
quote:I don't agree.
could easily be managed online.
quote:Slow WAY down. Conduct a local market analysis. The general rule of thumb is if your intended area of service is +- 6 sq/ft of storage space per capita. Below, is generally thought to be a relative shortage. Above, a surplus.
Any advice is appreciated!
For the lease up, you're likely going to want to partner with one of the major incumbents (e.g. Cube Smart) to actually manage it for you.
Posted on 3/13/23 at 11:35 am to jmarto1
Most important things to look at are location, traffic count and population density. After that it would be amount of comp in area. Areas with more apartments do better in my experience. Good Luck
Posted on 3/13/23 at 1:18 pm to jmarto1
You need to either be there almost daily or have someone you trust to manage it. People treat rented space about like rental housing. Trash, vandalism, security, maintenance are all things to be dealt with.
Posted on 3/15/23 at 10:14 am to jmarto1
I have a family member who owns a storage facility in a small town of +- 5000 people. Has a total of about 100 units. Mixture of climate controlled / non-climate controlled. It is very profitable and relatively low maintenance.
Posted on 3/15/23 at 11:08 am to jmarto1
I always felt like non-climate controlled with a mix of vehicle, RV, boat storage would be the way to go.
My good friends live up by Lake Lanier and the RV / Boat Storage places there are killing it. Cement pads with open overhead coverage and a power outlet at each pad.
Easy build out, easy maintenance.
My good friends live up by Lake Lanier and the RV / Boat Storage places there are killing it. Cement pads with open overhead coverage and a power outlet at each pad.
Easy build out, easy maintenance.
Posted on 3/17/23 at 6:21 am to jmarto1
So I actually specialize in building these. If you give me your email, I can probably get you some info on build costs. Someone unfamiliar with building them cannot touch our pricing. It’s a pretty specialized market sector.
Posted on 3/17/23 at 12:12 pm to jmarto1
I've had some friends do it. I've heard banks love lending money to start these because they are one of the safer businesses out there.
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