Bought a storage unit last year, should I rent, sell or hold?

[Glen S.]

I purchased a storage unit last year within my condo building for $45k. So far its been amazing in terms of the interest we've received to rent and purchase. We now face a bit of a dilemma.

We have gotten multiple offers to rent out the space, but we've also got the opportunity to sell for about $140k - $160k. A ridiculous return for something we basically got less than a year ago.

We live in a dense, popular and constantly expanding downtown metro area. Within 2 blocks of our condo 2 storage unit building a have been constructed just to deal with the demand for storage ( both completely rented out and neither have a unit the size of ours which is inside our building). Based on the interest I wouldn't be surprised if we could rent it for more.

So my question is should we look to just rent or sell our unit? Im surprised that the original owner undervalued it so much, and don't want to make the same mistake in selling it lower than what its actually worth.