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05 Mar 2024

Are You On The Right Side Of The Road?


Marc Goodin


Technically the other side of the street is 50 feet. But that 50 feet can make a world of difference. Where I have a villa in Florida a lot of people come and rent for the winter season. One side rents for $3,500 a month and the other side rents for $6,500 a month. There is noi right side of the street. One is just 50 feet closer to (on) the beach. Both sides of the street rent out over a year in advance of the season.

The same goes for self storage. The problem is people do not spend enough time learning what side of the street is best for their budget, their time, their experience, their short and long-term goals, and how to get there.

Storage Authority is not for everyone. It is for the busy professionals who simply do not have the time for their families, their careers, and a lucrative self storage income.. Often it is for the busy professional who wants the ability to retire 5 +_ years if they choose and not have to change their lifestyle when they retire.. And to have a financial legacy to pass down to the family.

To make a substantial 6 figure income you should plan on building 80,000 sf of self storage. Here are the land options required for 80,000 sf +_

Eight general guidelines for 80,000 net rentable SF = 62,000 net rentable square feet. All single story.

1. Land Zoning

2. Usable Land Size - no wetlands, floodplain, easements, or steep slopes

Add ½ acres no sanitary sewer

If you are considering multi-story or partial multi-story email me at marc@StorageAuthority.com for land size requirements.

3. City water & city sewer available?

4. 3 Mile Population

Preferred yes Greater than 30,000 people

5. Competition Office Rental Rates for a 10 x 10 NCC Note: Some existing facilities with a detailed site visit may be determined not to be competition.

Note this is dependent on your cash investment, rate of return required, and is subject to change based on land price and loan interest rate. Not all self-storages are competition, so you need to visit each one.

6. Self-Storage Demand (note occupancy and rates a better determination of demand)

7. Land Purchase Price

(assume typical site costs & no extreme interest rates and you have $1.3MM cash to invest) 80,000 gross single-story sf facility. In the end, a feasibility including a detailed P & L projection by your feasibility expert must be done.

8. Traffic Note: Highway traffic should not be counted.

9. Access/View from main street

Storage Authority will help you make it happen with the time you do have. Our multiple platforms and systems Include finding land and evaluating land, design, construction, vendors, operations, sale and marketing, and more. If you want to learn more I can email you info or we can have a 10-minute call.

This article was orginally posted on the Storage Authority Franchise Blog

Marc Goodin is President of Storage Authority Franchising. www.storageauthorityfranchise.com He owns 3 self storages he designed, built and manages. He has been helping others in the self storage industry for over 25 years. He can be reached at marc@StorageAuthority.com or directly at 860-830-6764 to answer your franchising, development, marketing, sales and operations questions. His best selling self storage books are available at amazon.

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