Storage Unit Business Plan

” That being said, we will give some high-level answers to the self storage cost question in this article.The current rule of thumb for land cost is approximately 25-30 percent of total development cost.Westbury Storage will simply have to inform the public of its existence by advertising in local newspapers, and by placing Yellow Pages ads. on the ground floor would rent for ,000 monthly and each of the other floors would rent for ,000 each on a monthly basis.

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Location, design, zoning restrictions, site improvements needed, etc., will all impact the costs to build your self-storage facility.

A better question might be, “How much do I need to invest and what research do I need to do in order to ensure profitability in a new self-storage business?

Due to the fact that demand has been outstripping supply in this market, Westbury Storage may well be able to rent out all of its new units within the first year of operation. per month and the upper floors, served by an over-sized elevator will rent for $1.20/sq. The second half of 1999 will see a further 25% of the total space rented, leaving the final 25% to be reached in the year 2000.

Prices paid for self-storage units reflect this strong market demand. Within these time spans, the growth, for projection purposes, will be assumed to be straight line, i.e.

To give you even ballpark costs, we will need to know if you are planning to build a single story or a multi-story facility.

Costs for Single Story Self Storage Construction typically ranges between - per square foot – not including land or site improvement costs.

The most common "state of the art" facility will be about 60,000 - 80,000 net rentable square feet, cost -65 per square foot to construct (outside of existing land costs), and have break even operating expenses in the 40-60 percent range (not including debt service) of total stabilized income.

A well designed and located facility will successfully operate in the 83-93 percent occupancy range, though we have seen successful self-storage operations with occupancy rates as low as 70%. Work with professionals in the Self Storage industry to insure your success.

Even though there is an excess of demand over supply, an unfriendly manager or clumsiness over the telephone will cause needless lost sales. This leaves total space dedicated to self-storage units of 48,000 sq.

As is the case with the owners' present self-storage facility in Plainview, many sales are directed through Stote Movers, who are in constant contact with people on the move and, therefore are most likely to require temporary storage. It is assumed that half of the units will rent in the first six months of operation.


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