All Forum Posts by: Zach Quick
Zach Quick has started 10 posts and replied 746 times.
Post: Self Storage Units
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
Quote from @Pete Harper:
I'm looking for feedback on building self storage units. We have a 10 unit Apartments in Conroe with about a half acre of vacant land. Initially we we're thinking of adding more units to maximize land usage. Investigating we learned Conroe has a building moratorium due to lack of water. Someone suggested we look into building self storage units. The units would be available to tenants and the public.
I'm looking for someone who has experience underwriting self storage.
Thanks, Pete
I wouldn't. Makes it a lot harder to sell with two property types down the road someday. Especially since 10 units isn't that large, and a half acre of storage isn't going to be large either.
Post: Have 1031 funds - looking to expand multi-family in SW Missouri - not major cities
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
Hit up @Tyler Casey
Post: Real Estate Agent recommendations for Joplin, MO?
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
Pro X team. They also do property management. @Tyler Casey or Carol Ferguson can help you out.
Post: Self Storage Market Analysis
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
Don't worry about the square feet per capita rule. How full is immediate competition? Is the area growing? Are there any other developments in 1,3,5 mile radius? Those are more important things to determine than sq ft per capita.
Post: Climate Control Self Storage Development - Design & Cost
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
Quote from @Robert Ellis:
Quote from @Zach Quick:
Quote from @Robert Ellis:
Quote from @Joey Stelly:
Looking into ground up development for single story climate control self storage facilities in my market and looking for some general guidance on design & cost rule of thumbs - any help would be greatly appreciated.
Currently working through some (very) preliminary due diligence with the goal of creating a template for 150 & 250 unit climate control buildouts in order to dial in an acreage size to focus in on for land acquisition, and to try and determine the most cost effective & scalable footprint to build as a "test" that can be scaled.
Couple of questions & assumptions that I'd really appreciate some critiquing/input on:
Building Layout:
- Right now I'm assuming 1 acre (43,560ft) will yield about 60% (+/- 26,190ft) of climate control NRSF.
- What is a good rule of thumb yield/acre, and how many sq ft of slab/building should i assume for every 1 ft of climate control NRSF?
Building Cost:
- I've heard varying estimates $/ft for capex related to building a climate control facility, but what can I expect generally in total $/ft for an assumption when building 150 or 250 unit building. I've heard $50, 35, 40, etc for turnkey rule of thumb - shell, utilities, foundation, M&E, paving, etc, basically everything but land.
Opex ratio: Is 35% of revenue a solid assumption for operational expenses - insurance, maintenance, etc?
Right now my cost assumptions look something like this:
25,000 ft to yield 250 units
Acreage needed for 250 units = about 1 acre (Depends on local municipality requirements for detention, setbacks etc but for now this is my assumption)
25,000*$50 = total buildout cost less land
revenue $ *.35 = opex cost
thanks!
I've never seen one story climate control self storage ever. you need to build vertical for economies of scale. most of the ones I've seen are vertical and infill.
There is a bunch in Columbus area, I don't get it ?
One story climate controlled self storage? lol not at all. There's plenty of self storage, not climate controlled. There's been maybe 2 built in 5 years here. they are called Tri village self storage. the climate controlled portions are normally vertical and at least 4-5 stories and normal walk up doors are single story. there is some smaller units but real climate controlled development is vertical not horizontal.
I get that most of the new development is multi story but there is still plenty of single story climate in Columbus MSA, don't want OP to think you have to go vertical, because if you can go single story you should. Not every market can support rents for vertcal.
Post: Climate Control Self Storage Development - Design & Cost
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
Quote from @Robert Ellis:
Quote from @Joey Stelly:
Looking into ground up development for single story climate control self storage facilities in my market and looking for some general guidance on design & cost rule of thumbs - any help would be greatly appreciated.
Currently working through some (very) preliminary due diligence with the goal of creating a template for 150 & 250 unit climate control buildouts in order to dial in an acreage size to focus in on for land acquisition, and to try and determine the most cost effective & scalable footprint to build as a "test" that can be scaled.
Couple of questions & assumptions that I'd really appreciate some critiquing/input on:
Building Layout:
- Right now I'm assuming 1 acre (43,560ft) will yield about 60% (+/- 26,190ft) of climate control NRSF.
- What is a good rule of thumb yield/acre, and how many sq ft of slab/building should i assume for every 1 ft of climate control NRSF?
Building Cost:
- I've heard varying estimates $/ft for capex related to building a climate control facility, but what can I expect generally in total $/ft for an assumption when building 150 or 250 unit building. I've heard $50, 35, 40, etc for turnkey rule of thumb - shell, utilities, foundation, M&E, paving, etc, basically everything but land.
Opex ratio: Is 35% of revenue a solid assumption for operational expenses - insurance, maintenance, etc?
Right now my cost assumptions look something like this:
25,000 ft to yield 250 units
Acreage needed for 250 units = about 1 acre (Depends on local municipality requirements for detention, setbacks etc but for now this is my assumption)
25,000*$50 = total buildout cost less land
revenue $ *.35 = opex cost
thanks!
I've never seen one story climate control self storage ever. you need to build vertical for economies of scale. most of the ones I've seen are vertical and infill.
There is a bunch in Columbus area, I don't get it ?
Post: Climate Control Self Storage Development - Design & Cost
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
@Joey Stelly Your 35% opex is a good estimate.
For drive up self storage the general rule is 15,000 sq. ft. per 1 acre. For essentially one large slab/climate building I think roughly 25,000 sq. ft. is a decent estimate depending on set backs etc.
Unit size is obviously going to be very local dependent so unit mix/# of units will vary widely.
Post: Self Storage Management Company
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
Quote from @Saverio Nestico:
Thanks Zach for jumping in. The management is fully remote and the U-Haul is only a drop off and pickup that is managed by U-Haul. We just supply the location and they do the marketing
Automated, White Label, Copper, and Freedom are probably a few that I'd chat with about third party management.
Post: Self Storage Management Company
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
I'm not sure you will find a 3PM service that will also want to do UHaul with a facility this size, you may have to drop UHaul and get remote 3PM. Do you have someone onsite full time for just 60 units/UHaul?
Post: Looking for home inspector in or near Crawford County, Kansas
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
Quote from @Orhi Tahi:
Quote from @Zach Quick:
Originally posted by @Andrew Joseph:
@Zach Quick it is a single family house, and no I never been out to Pittsburg KS.
DM me the address, be happy to give you my opinion. I used to have 15+ units here, have been selling them off and going into a different niche.
Zach, I am looking into pittsburg aswell. Do you have any proprety manager recommendations ?
Assuming you mean Pittsburg KS, Pro X.