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Updated about 6 years ago on . Most recent reply

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303
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216
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Christopher Lombardi
  • Developer
  • Point Pleasant Beach, NJ
216
Votes |
303
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Self Storage Opportunity

Christopher Lombardi
  • Developer
  • Point Pleasant Beach, NJ
Posted

I have the opportunity to but a self storage development site for next to nothing, but I know nothing about this type of business.   Anyone here built one before?  This one is climate controlled, 60k sqft with 500 units.   I'm thinking $75 /sqft including site work?   Its a very nice, higher end facility.   Let me know if I'm way off.  I appreciate any help.

Most Popular Reply

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Michael Wagner
  • Specialist
  • Victor, NY
844
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823
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Michael Wagner
  • Specialist
  • Victor, NY
Replied

You got some good advice above and I appreciate the shout out @Dave Peirce! You will definitely want to get smart before diving in. @Scott Meyers is your guy when it comes to ground up development. I prefer to buy and expand existing properties. That said, $75 per square foot is in the ballpark. Generally speaking, the industry standard for non climate controlled single story is $30-35 per square foot all in (exclusive of land). Climate controlled starts at $60-65 and climbs from there depending on market, site and ammenities!

  • Michael Wagner
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