Self Storage- What's it cost to Build?

Question

Was responding to a person on Cost to build storage.  Just the building and not land, roads, sundry.  This is for a drive up metal building with rollup door.

This is a project we are actually building now. This was contracted about 6 months ago. Steel has taken a recent increase and I was informed our next buildings might cost 20-25% higher for the building itself.

$225,000 Building 7% sales tax included
$ 79,000 Bldg Erection
$128,000 Bldg slabs, with rebar. 18 inch footings normal.

$432,000 Total Building installed.

$51,000 Frost free footings, this new town requires, not included above.

Buildings:
15x160 2,400
40x50 2,000
40x40 1,600
40x200 8,000
30x220 6,600
20x30 600
20x40 800

Total 22,000

$432,000 Erected building
22,000 Total sq ft

$19.64 per sq ft

Due to water, sewer lines and drainage, we had to put several small buildings up front.  This slightly increases the cost on the buildings, erection and building pads.

Henry Clark · Answer

@Bennet Sebastian

Metal also.  Can't really see on this picture.  At the seams between two sheets they are glued together.  So you just can't unscrew and lift off.  It is super hard to take a sheet off since they are glued on both sides.  There is a roof product that does not require screws.  Thus no future issues in 15 to 30 years.

Henry Clark · Answer

@Zach Quick

Glad to give info, but not done yet.  Below is a rough estimate. The total project will cover 4 acres, but we only will get half built this year.

Also this city requires both hard surface roads (we chose concrete) and Frost free footings.  Don't know if that is comparable to what you are looking at.  Also had some extras.  This property did not have a "Main" waterline in front of it.  Required.  $130,000 add.  Some other things also, not normal on our other sites.

Disregard the unusual items noted.  If you leave the frost free footings out and if you adjust the road to gravel or your preferred surface.

a.  I would say double the Erected building cost.  Lets call it $870,000 all four acres.

b.  You put in your roads and frost free footing cost as needed.

c.  Security system $70,000- we have a set package we go with. One camera per 6 units.

d.  Electric/lights $50,000- LED

e.  Fence/gate  $50,000 automated Roll gate.

f.  Finish office  $20,000

g.  Signage- $25,000 road side advertising and premise instructions

h.  Put your figure in, for 4 acres.  We got a great price, had been on the market for 10 years.  Great "B" street location.

i.  Grading- $30,000

j.  Landscaping- $5,000

k.  Engineering- $80,000 about double what I had planned.  To make it "work" on this land we did a lot of changes.  Most buildings are on a 1% slope, which had no impact on any of the costs.

Total $1,200,000 plus others above or your adds.  Add road/land/frost free footing, etc.  This will get us a mixture of 340 units 10 by 10/15/20/25 etc units.  The number of units will probably go down.  Thinking about changing a few to 12 wide and 12 tall for a different market mix.  Lower rental per sq ft, but I like additional product mix to increase the versatility.  I'm off a little on my square feet, just doubling, but gives you a picture.

The end numbers work for us and even better, this location is in a very protected area from competition (zoning, land availability and hilly) and high income.  So it will be one of our most safe investment locations.

Henry Clark · Answer

I forgot we built an extra concrete slab, that we are not putting a building on this year. This is included in the Bldg Slab cost. Backing it out, the total Concrete slab cost is $92,000 versus the $128,000 shown above. This was a 40 x 220 building, which is not shown in the buildings above, but which was in the Bldg Slab cost.Total erected building is now $225,000 plus $79,000 plus $92,000=$396,00022,000 sq ft is correct, it did not include this extra slab.New cost per sqft is $396,000 / 22,000 sqft= $18.00/sqft.This is only for the erected building, not land, fence, roads, electric, security, etc.

Zach Quick · Answer

@Henry Clark what did you come in at all included minus the land on this one?

Bennet Sebastian · Answer

@Henry Clark this is helpful, thanks for sharing. Are the roofs metal as well?