Self Storage construction

[Tyler Fry]

I’m currently looking at a location to start a climate controlled self storage business. I found land that can fit a 50,000 sq foot building on for $500,000. How much would it cost to build a 50,000 sq foot building along with 400 units for storage?

[Scott Krone]

@Tyler Fry.  Your question was, "How much would it cost to build a 50,000 sq foot building along with 400 units for storage?"  Please clarify for me, you desire to build:

A.  50,000 sf building + a 400 unit storage facility

or 

B.  50,000 sf of self storage consisting of 400 units.

Sorry if I am being nit-picky, just trying to clarify.  One reason I ask is 400 units in 50,000 sf can range from ~90 sf per locker (assuming 72% efficiency layout) on average, up to 125 sf if a drive up facility.  125 sf per locker is on average large lockers.  

I agree with @Michael Wagner for general building costs for Class C and A.  However, there are also other factors to consider, site development, retention, utilities, permits, soft costs (architectural, taxes, insurance, legal), etc., if the building is multiple stories (elevator), construction technique (fire suppression) etc.  So, before you jump into anything, make sure you consider all three costs:  land, soft (architectural, appraisal, taxes, permits, utilities, insurance, title, bank fee, interest) as well as hard costs (hammer and nails/actual construction costs).