All Forum Posts by: Zach Quick

My partners and I recently purchased a small self storage facility outside of OKC. The sale included both the lot with the storage facility, as well as an adjacent 0.4 acres. This was a value add facility (we fixed the gate, added software, got rid of a meth-head, etc. Our goal is to put the facility back on the market next summer and 1031 into something larger. In the meantime we have the adjacent property that we're at a bit of a loss on what to do with. It's not fenced in, and would cost 50k or more to fence in with chain link. We're not in a position to put that much down for something that might simply sit vacant. Hoping the BP community will have some ideas.

If it's a separate gate/fence and you're planning on selling next summer I honestly would leave it and sell as 'upside'

0 Votes

Oklahoma City, Oklahoma

Quote from @Jason Sung:

Quote from @Ronald Rohde:

I think it sounds like an ok first deal. Especially if you're able to be present during the day. You'll learn a ton.

Whats the current occupancy? If your market research (check sparefoot) says rents can go up, you'll make money from increasing rents and occupancy.

I'd push on the price, are you getting debt or not?

@Ronald Rohde Thanks for your comment. I am considering SBA loan with 15% down. Current occupancy is below 50% but the NOI for the cap rate calculation is from last year.

Why is occupancy so low?

0 Votes

Fort Worth, Texas

You're not wrong, if your facility is medium/large I'd look into Tenant Inc/Hummingbird by Storelocal as well.

0 Votes

San Francisco, California

Shot you a DM.

0 Votes

Janus, Trachte, Betco, probably hard to go wrong with any of the major ones, lead time is going to be your big factor right now I'd imagine.

2 Votes

Chicago, Illinois

I'd give 10 Federal and Copper Storage a call and get quotes for remote management.

0 Votes

Assuming single story, non-climate control I'd ballpark $50-$60/sq ft knowing that people will come down below and tell me that's too high lol.

0 Votes

@Ronald Rohde would be a good source.

Message me if it's a deal I may be interested in your neck of the woods/vacinity.

1 Vote

Your bank will probably require it, easy to do and cheap so I would pay for a DBA.

1 Vote

Shreveport, Louisiana

For that small, probably Easy Storage Solutions, or maybe figure out if you can swing it with your residential management software or vice versa.

1 Vote

All Forum Posts by: Zach Quick

Zach Quick has started 10 posts and replied 745 times.

Post: What to do with an extra 0.4 acre lot?

Post: First self storage unit facility investment - Good deal or not?

Post: Self Storage Technology and Hardware help

Post: How do I analyze a self storage property?

Post: Self Storage Building Manufacturers

Post: Looking for third party storage management companies

Post: Self-Storage New Construction Cost Estimate

Post: Any lawyer recommendations for wholesaling commercial properties?

Post: DBA for Self storage or not?

Post: New Small Self Storage Operator