Has anyone done this and if so, how did it turn out for you. We have a large blacktop area that is not being used and were playing with the idea of putting some self storage buildings on it and then renting it to tenants for below market rates. Our return on investment looks to be quite good and it would provide some storage solutions for our residents. Would love to hear if anyone has done this and where you purchased your storage buildings
Never done it myself, but have had similar thoughts. Definitely need to be under market (maybe 10%? Not a huge amount under) and need to be economically viable assuming no outside payers - tenants only.
What size is your park / how many units are you considering?
Maybe check about the zoning. I wanted to put storage units in place of distressed mobile homes but there is a different zoning I needed to be able to rent storage units. Some of my homes have storage units near the home and they are included on the same lease as their home to be used by the tenant. I did not do further checking about if it would be a problem to rent the storage unit separately to tenants vs. to non-tenants. Just wanted to mention to double check everything is ok with your zoning to do so.
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