Updated about 9 years ago on . Most recent reply
Building self storage
Hello everyone,
I'm looking at building a self storage facility and was wondering if anyone could help me with some ballpark numbers for how much it will cost. My main question is how much does it cost to build the buildings. I've read online that $5 per sqft is a good rule of thumb. I have estimates for the concrete slab for the buildings, perimeter fence, entry gate and security system.
I'm also curious how a construction loan works on a project like this. What kind of collateral or down payment would a bank require? How are loan payments structured during the construction process?
Our real estate experience is in the mobile home park industry but I have a friend who is doing very well with storage and is the direction I'd like to go for future investments
I appreciate any and all feedback!