Has anyone added Self Storage?


#1

I have a park under contract with great roadside visibility. About 15% of the land is unused and its right along the roadside. I would like to add a self storage business in front of the park. I have never done this and wondering if anyone has any pointers and tips.

Any manufacturers of self storage you would recommend? If you have done this, is there something you learned that you wish you knew along the way?


#2

Interesting ideas on this thread, albeit not directly related to self-storage units per se:

Hope this helps!


#3

Thanks Shah. I searched self storage prior to posting but did not see this. Will review.


#4

Hi Charlie .
We have a 40 pad which we built from scratch and added storage 10x10 and Rv/Boat coved etc. in a very small community , everyone said we were crazy its too small a town . It was 60% full from day one and now 100% full . bought the land 12 years ago.

Jordan Arnold.


#5

According to Frank, rent for a self storage unit that is in an MHP is often lower than it would be at a comparable facility that is not in an MHP. I think 50% was the rental rate difference he suggested as a rule of thumb. Obviously that is a huge difference. So you might want to factor that in when looking at SS market rates in the area.


#6

Our new manager (I’m office manager now) recommended the same thing. So I posed it to the owner, which he may consider in the future. It’s true that prices would be lower than the average storage facility. He had suggested setting up all-enclosed fencing that can be locked up. I don’t think I would put a shed-type in there, as that would bring more traffic into the park. I’d rather go with fencing to house rv’s/boats and such.