Self Storage Analysis - Holy smokes!

[Craig Garrow]

I'm just getting out of a meeting with the owners of a mini storage here in town, and I just wanted to see if I could get some help analyzing this: 2000 square feet, sits on 2.5 acres. Unit mix is: 8 - 5x10 that currently rent for $32 12 - 10x10 that currently rent for $45 2 - 10x20 that currently rent for $78 The ugly part is that they rent two 5x10s for the price of one for two people, and three 5x10 are currently vacant. One 10x10 is free in exchange for snow removal - I have no problem with that. Taxes are $2,200 and insurance is going to run $350.00 per year.