I'm currently looking at possibly buying a 24 unit self storage unit that's on 2.5 acres of mostly undeveloped farm land. My goal would be to build another 24 unit self storage behind the existing one. My next thought would be to build a pole barn that could store 6-8 RVs or boats. What's the going monthly rate on storage for those?
Craig, unfortunately that is like asking how much does a house cost. It varies depending on where you are and demand. Rates in my area can vary $100 for the same size unit just by traveling 20 miles. I would suggest contacting like businesses and asking what they charge. Congrats and good luck!
Haha, yes, I thought of that after I posted! I don't think that there is anything locally for Boat/RV storage. I'm thinking $50/month seems reasonable enough? Generating any extra income at all should really have a positive impact on the property as a whole.
The market determines the retail value of something, you don't have to guess. Do the market research.
You said you're buying an already established storage complex, haven't you seen what they already bring in for rents?
I'm meeting with the owner next week to go
Over income and expenses. I've already done the research on the storage unit prices in town. The boat/RV storage idea is just for a possible value add down the road.
I have a builder that knows about both storage units and pole buildings.
What I know is that both are less expensive and can be expanded inexpensively when built this way.
Let me know if you'd like more details.
Tom - I'd love to chat about that. Even if to just give me an idea of what I'm up against. Shoot me a PM. Thanks!
Has anybody experimented with modified shipping containers? I'm thinking of maybe parking three 20' containers on the land and dividing them into six 8x20 units!
@Craig Garrow any follow up on your plans? I'm curious where you ended up with the expansion plans, specifically with the boat storage.
Here near annapolis md , they get $ 100 a month for outside parking of a camper . There is a place near BWI airport that does inside storage in a heated warehouse he charges by the foot per month if I remember
@Chris Martin The seller was pretty tough, so I have decided to wait until this coming winter to pursue this further. In the meantime, I lined up some private money at some attractive terms, so I may wind up doing a little better on it in the long run!