How to evaluate a warehouse for self-storage opportunity?

[Karen Johanson]

I’m a real estate investor looking to turn a pair of warehouses into self storage. Not sure how to evaluate the market, uncover potential pitfalls and how to evaluate this specific property.

The parcel is one acre and has a pair of large warehouses with electrical, but no heat (built in 2012). It has a bit of room between them for potential gated or outdoor storage.

The property is next to a another storage unit that is at capacity, and a municipal airport. The property is in a sparsely populated area, but it’s halfway between a city of 300k and a popular resort town (boating).

I think I’m looking at a solid opportunity, but I’m new to self-storage. Any tips or guidance for evaluating the deal would be much appreciated.