Who is Investing in MINI WAREHOUSES (<1,000 sq ft) ?

[James Cerenzie]

BP,

How many people out there are currently investing (or considering investing) in 'MINI WAREHOUSES' (500 - 1,000 sq ft over-sized storage units) which have A) power outlets, B) fire suppression equipment, and C) you can use to hang a business license at / conduct business operations?

Personally I see a ton of demand for small spaces for business to utilize for operations, and see this property type as being especially resistant to Real Estate cycles.  I'm considering buying a deal (see below), and would be appreciative for anyone who has been there or done that. 

I'm also thinking about potentially developing a similar complex in the future OR sub-dividing a vacant industrial building (20,000 - 50,000 sq ft) into small spaces.

See below for a DEAL SUMMARY, which is provided only so you can understand more of what I'm asking for feedback on.

- Located in Salt Lake City, UT
- 20,000 sq ft light industrial building, which was purpose-built (in the 70s) for 40 individual units
- Units are all in the 500 - 700 sq ft range
- Cinder block construction and each unit has a rollup and 'man' door
- Building is 100% leased at $1.00 - $1.20 / FOOT, so not too bad for a cinder block building in Utah
- Tenants are able to hang their business license at these locations, and a lot of current tenants are Automotive-related, Tradesmen (woodworking, welders), or similar.