Buy and Hold Investor · Cincinnati, OH · Member since 2014 · 69 posts · 10 votes
I'm close to finishing my first 5 unit apartment building. Each unit is about 350 sqft. I have additional storage closets in the utility room that I could lease to the tenants. If you have additional storage in a multi family building do you find that tenants are willing to pay for it? If so what do you charge?
Real Estate Investor · Saint Paul, MN · Member since 2014 · 145 posts · 60 votes
11y
I would certainly offer if you can make money.
In my area, non-climate controlled self-storage is around $1/sq ft per month.
Another way to calculate how much to charge would be based on rate of return. If renovating the storage area with paint, flooring, good doors and locks cost $1000 then it would be okay to charge $100/year (10%). Even better would be 20%. If you can't get at least 5% then it probably isn't worth the effort.