SELF STORAGE EVALUATION TOOLS
Hello all, I currently own 2 properties one resident and one 4 unit (1commercial/ 3 residential). Fairly new to real estate and attempting to grow my knowledge and then my portfolio as fast as possible. I am seeking software or tools specifically for self storage.
Looking to speed up evaluating markets. I’m also looking for avenues to find sq foot per capita in an area, as well as population growth trends and median income. I also welcome any advice one may be willing to share for someone looking to jump into the industry.
Thanks for taking the time to read this!
-Mike Ede
Hi Mike - This can all be found on a website called Radius+ (RadiusPlus.com)
It’s a great resource for evaluating markets and all the supporting demographic data. It costs money, but I think they give you 5 free searches when you register.
We bought our first facility in 2021 after owning residential rentals for years, and we definitely prefer self storage. It’s a great asset class!
Hi @Michael Ede @Matt Faix is right. Radius + is the definitive tool to help you evaluate self storage. You can get five free hours, if I am not mistaken. Each block of time that you log in counts as an hour, so use your time wisely. In other words, 1 minute or 59 minutes counts as one hour. But 61 minutes counts as two hours.
My new BP book on self storage, Storing Up Profits, lays out a lot of criteria for finding the right location as well as different strategies to succeed. As far as location, here are 4 significant criteria:
1. Number of square feet per person in a 3 (for example) mile radius. The national average is about 7-8 square feet so you should try to find a place that is less than that.
2. High VPD (vehicles per day) count. That is relative to the location and you should be able to find that information online.
3. High visibility at that location. I just met with the U-haul representative for this part of Virginia and he says they always want a 4-star location as far as VPD and high visibility.
4. Medium or high income area. You want to invest in a place where people with decent income are happy to come.
I hope this helps. I made quite a few BiggerPockets videos on this topic and you should be able to find them online. Happy investing!
