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!
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!
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