How do you evaluate Self-Storage projects?

By
Services for Real Estate Pros with WA Real Estate Solutions

QUESTION:

Do any of you have experience with storage units? I am working with other investors on the preliminary due diligence on a large storage unit project. We have a lot of expertise on our team, but we do not have anyone who has specialized in storage units. Thanks!

________________________________________________________________________________________

ANSWER:

If this is preliminary research before your purchase, you want to:

•-          shop the competition in a 3 mile radius

•-          find out what the unit mix is, what they charge, how full are they

•-          determine what the median gross income is and where it comes from

•-          how many households are in the 3 mile radius

•-          determine if there is new growth coming into the area

•-          find out from the city or county that you will be working with if there are other self-storage projects in permits

•-          location and visibility of the proposed site

 

The appraisal will also show this information but these types of appraisals are any where from $4,000-10,000 depending on the bank that it's ordered from and if the appraiser is experienced in appraising self-storage facilities.

 

I have memberships with self-storage trade group and subscriptions to self-storage magazines if you need more information.

 

Let me know how I can help!

 

Roz Burton-Torres

WA Real Estate Solutions

 Direct 425.894.8558

 Office 425.825.0121

 RozBT@WARealEstateSolutions.com

 

 Do you know any one who needs to:

 -Sell their house AS IS at a fair price?

 -Buy a property on our Rent-to-Own program?

 -Invest in real estate?

 

We have creative WIN WIN solutions for everyone involved.

www.WaRealEstateSolutions.com

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Anonymous
RK Kliebenstein

I wrote the book How To Invest In Self-Storage, and my firm specializes in this field.  We perform acquisition due diligence or feasibility studies for development projects.  If I can be of assistance, please do not hesitate to call.

 

RK 561.963.4004 x81

rk@askrk.com

visit our virtual office at www.askrk.com

Thanks!

Jun 09, 2008 09:40 PM #1
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