Cost Estimate for Expanding on Preexisting Self Storage Facility
Curious if anyone has a rough idea of cost to build additional buildings on a preexisting storage facility property. I am analyzing properties & looking for under developed facilities where I can expand the sqft of storage to increase valuation.
Yes, I know there are a myriad of variable to consider but I believe someone can give me some decent numbers for back of envelope analysis.
Thanks in advance
What size buildings, what type of buildings, and is the land cleared?
@Chris Stranad go to the Trachte website. They have cost estimators right there. Very informative website and had tons of info and calcs for all different scenarios.
@markbyrge thanks. I’ll look into it, not familiar with the company. I appreciate it!
@thomasjackson it would be for a traditional self storage building; Slab, metal, electrical.
@Chris Stranad as @Mark Byrge previously mentioned that Trachte calculator will get you a decent ballpark.
I’m in the middle of one right now and it will probably pencil at $27/sq ft and that includes engineering, dirt, slabs, etc. A little fence work and small retention pond (pointless but is what it is) too so take that for what it’s worth.
We are building a roughly 37,000 square foot facility right now from the ground up in Medina, OH. Doing a ton of the work ourselves because we also own a construction company. We are in the $35/sqft area, but if we didn’t do a lot of the work, it would be well into the $40-45/ sqft range. We also had it appraised for well over $60/sqft so we are in the clear! It’s also an XL storage facility, so much bigger units/buildings, so our costs are more than typical self storage facilities. Here’s a picture of them going up currently....
If you are starting with a grass field, you'll likely be in the $26-30 per square foot range. If you've already got a good gravel base without the need for any real earth work and just need to pay for slab, building and basic electrical you could come in as low as $20 per square foot but as you mention is will depend on your building size and unit mix. a 20'-25' building is considerably more expensive per square foot than a 30-40' building would be...but the narrow building will also have smaller units which typically command a higher rental rate per square foot.
Thanks everyone, exactly what I needed. @Thomas Jackson, who is your target market; construction, indoor boats on a trailer, businesses?
@Chris Stranad All of the above! Small business storage will equate to around 75% of the occupancy. But the unit sizes are around 16’x50’ so pretty much whatever you can store in that space!