Self storage


#1

Would anyone buy a 185 unit self storage without a office and a manager


#2

Hello Anthony,

To me it all depends on the deal. If this is a great deal in a great area I would certainly consider it. You can always look at converting one or two of the storage units into an office if needed. Or add a modular office onsite if there is room, should be able to find one of those cheap!!!

Good luck,

Paul


#3

In most cases, you need a full-time manager on-site to maximize rental opportunities. Whether 185 units will support that is the question?

Another alternative being used in place of a manager is a “kiosk” system. Owners can do everything an on-site manager can do with one of these machines. It is becoming popular in the larger cities. The price tag may be a little high, but you don’t have to pay SS or Medicare tax on the kiosk.

Is there expansion land available with this deal to build more units. At our bootcamps, we go through a series of examples on facility sizes to show how much space is needed for a full-time manager. In most parts of the country it comes out to at least 30,000 square feet. Depending on unit mix, this is somewhere between 250-290 units.

Steve