Self Storage- Cargo Containers February 2023

[Henry Clark]

Question:  How many of you make $120 per month on your investments?  Original investment say $4,500 all in.  No maintenance costs.  No cleanup costs after a renter leaves.  You can evict them in 60 days.  You can write off all of your nonland assets in year one.  Appreciation ??- See below.

We have around 40, 20-foot cargo containers we use for Self-Storage for the last 7 to 8 years.  Due to Covid the prices and availability to add more has swung significantly.  When we first bought used 20 foot were around $1,800 to $1,900; moved up to $2,200 then Covid and supply chain issues hit.  No more Cargo containers were for sale.  They were either stagnant on Ships waiting to be unloaded or being used for Storage back in China, where most of them come from.  Prices for a used 20 then went to $4,100 and none were available.

Terminology:
Below is a listing I received from a Seller of Containers.  Just for background, 40 footers are really deep and hard to get access into, so we don't use them.  
HC- high ceilings.  If you ever build a home, these are the ones you want.  Get about another 9 inches of space.
1New- China makes these things so cheap and the trade is so lopsided, China to US and not back, that a lot of containers are sold as 1 trip to the US.  They are very clean, and you don't have to worry about what was stored in them.  Nuclear waste, hazardous chemicals, etc.
WWT- Weather, Watertight- will have some rust.
CW- Cargo Worthy.  Containers must be sold, once they are not Cargo worthy.

Why Cargo Containers?
1.  First see if your zoning will allow them.
2.  No property tax since they are not attached to the ground.
3.  Can add as needed.  A Self storage building, you usually have to add a whole row.
4.  Setbacks- you can normally place them in areas you are not allowed to build.  In setback areas, under powerline right of ways, odd corners of property, flood zone areas, etc.  Better utilization of unusable ground.
5.  Year 1 written off.  The whole investment can be written off.  Check with your tax accountant.
6.  Short lead time and install issues.

Cargo Container Pointers:
1.  Insurance- since they are movable, they are treated as personal property.  You MUST cover them as personal property.  Your insurance company will not take a claim on them as "Building" damage.
2.  Banking- your banker may not want to finance these, since they are moveable and personal property.
3.  Delivery costs.  May cost around $60 each, if you have two delivered at the same time.
4.  Setting costs- may cost around $50 each to have them set in place.  Someone with a large excavator or crane can set and "LEVEL".  Leveling is important.  Otherwise, the doors are hard to open.  Recommend you do at least 10 at a time to make it worth the contractor's time.
5.  Ground preparation- need a support surface otherwise they will sink into the ground.  a.  If you have a concrete surface, your set., b.  If asphalt have some metal plates about 12 x 12 and place under each foot., c.  If dirt, level.  Then have 4-foot bands of crushed rock or recycled concrete with the "fines" placed in a row at the front and the back.  Set on top of them.  Let's say about $100 per unit.  Could be zero on Concrete.
6.  Paint- you don't need to, but they look good if you paint them.  About $20 of paint.
7.  Roof- paint with Trailer roof paint.  Looks black, turns silver.  This will reduce the heat inside by 20 degrees immediately.  5 gallons can cover 2 1/2 container roofs.
8.  Condensation- have small vent area at top, and one at bottom.  Small enough so bugs don't come through.
9.  Inspection before you buy- roof, floor, door handles and seals, if you need to replace the floor use normal treated plywood.  Don't use Ocean plywood which runs $800 per 4x8 sheet.
10.  Security- can use locks, but recommend you get 3-foot Chains and a lock.
11.  Dimensions- 8 wide by 20 long.  Had a client store and Escalade one time.  Had to crawl out the back window.
12.  Use "PB Blaster" to clean hinges.  Then get a deep greaser to lubricate hinges.
13.  Land utilization- put containers back sides together.
14.  Market- anywhere.  Adjust your rental rate from the $120 per month down to $50 per month.  Land cost from $100,000 down to $20,000 and make "your" figures.  Compare against a 10 x 15 drive up access storage unit price.  160 8 x 20 versus 150 10 x 15 size.
15.  Must open and close both Handles at the same time.  People will not like them because they are harder to open.  People will love them because they are bug tight and more secure.

SHOW ME THE MONEY:

ALL IN Cost:
$2,500    Container
$      60    Delivered
$       50    Set and levelled.
$       50    average pad prep
$    150    Driveways- Rock, $30,000   200 units
$    300    Fence 2 acres, $40,000; Gate $20,000; 200 units.
$ 1,000    Land $100,000 per acre

$4,500     Let's round to $4,500; permits security, other miscellaneous.

NOI Per Unit:
$1,300     90% occupancy at $120 per month
$      15    Insurance- $3,000 for 200 units
$      50   Property Tax $10,000; primarily just land and fence, etc.  not units.
$    ???    Management fee, add to your situation.  This will probably be Mom/Pop location.
$     20    Maintenance, snow removal, weeds, trash pickup or unit cleanup.
$    ???     Other- advertising, auctions, etc.

$1,100    Let's round to $1,100 NOI per unit.

Valuation:
I don't like CAP rate, but.  Cost per unit  $4,500;  NOI per unit before depreciation and income taxes $1,100.  CAP rate = $1,100  /  $4,500= 24%.
Let's use a CAP rate of 7% though.
Valuation:  200 units at $4,500 cost= $900,000  Cost Basis.
Valuation:  200 units at $1,100 NOI= $220,000 per year;  At CAP rate 7%= $3,142,000 Valuation.

Now the above has to be WRONG.  A $900,000 investment is worth $3,142,000.  In about 3 years.  Actually, appraisal will come in around $2,800,000 at Opening. So, Appreciation- Day one.

No painting between renters.  No dog pee.  Non payors for 6 months to a year.  Can you fit 200 storage containers on 2 acres?  Can you rent for $120?  Does land cost $100,000 per acre?  What are management and Advertising costs?  Does zoning allow?  Can you find 200 cargo containers, as you need them?  Question the numbers and the logic.  Make them yours.

Start small and Make Your Big Mistakes Early.

			20'	20'HC	40'	40'HC	45'	53'
State	City	Type	Condition	Qty	Rate(U$)	Qty	Rate(U$)	Qty	Rate(U$)	Qty	Rate(U$)	Qty	Rate(U$)	Qty	Rate(U$)
AL	Mobile	DC	1New	32	$2,900					9	$4,450
AL	Mobile	DC	CW							1	$2,850	2	$3,400
AL	Mobile	DC	WWT	28	$2,100
AL	Mobile	Double Door	1New					1	$4,900	1	$5,700
AL	Mobile	Reefer	Damage							1	$2,800
AL	Mobile	Reefer	Non-working							1	$7,500
AZ	Phoenix	DC	1New							2	$6,650
AZ	Phoenix	DC	ASIS	1	$3,700
AZ	Phoenix	DC	CW					2	$3,500	2	$4,500
AZ	Phoenix	DC	WWT	2	$4,000
AZ	Phoenix	DC	WWT/CW							1	$4,300
CA	Adelanto	DC	1New			13	$4,200			8	$4,800
CA	Adelanto	DC	CW							1	$2,500
CA	Long Beach	DC	1New	20	$3,300					6	$4,200
CA	Long Beach	DC	CW	8	$2,200			20	$2,250	2	$2,450
CA	Long Beach	Double Door	1New	18	$4,750					10	$7,200
CA	Long Beach	Duocon	1New	2	$5,500
CA	Long Beach	Reefer	Working							45	$6,000
CA	Los Angeles	DC	1New	22	$3,100	1	$3,750			50	$4,250			9	$18,000
CA	Los Angeles	DC	1Trip(incoming)			5	$3,700
CA	Los Angeles	DC	ASIS							25	$2,400
CA	Los Angeles	DC	CW							2	$2,900
CA	Los Angeles	DC	WWT							2	$2,800
CA	Los Angeles	Double Door	1New	5	$4,600	5	$4,650
CA	Los Angeles	Double Door	1Trip(incoming)					2	$4,850	3	$5,200
CA	Los Angeles	Duocon	1New	9	$5,200
CA	Los Angeles	Open Side	1New							2	$14,500
CA	Los Angeles	Reefer	ASIS							4	$4,600
CA	Los Angeles	Reefer	Working							1	$5,500
CA	Oakland	DC	1New	2	$2,900	1	$4,250	2	$4,450	4	$4,700
CA	Oakland	DC	1New(Damage)							1	$4,500
CA	Oakland	DC	1Trip(incoming)	1	$2,900
CA	Oakland	DC	ASIS	4	$1,500			1	$1,700
CA	Oakland	DC	CW	2	$1,650			10	$2,450	4	$2,700	1	$2,900
CA	Oakland	DC	WWT	5	$1,950					35	$2,550
CA	Oakland	Double Door	1New							3	$5,150
CA	Oakland	Flat Rack	CW							2	$8,050
CA	Oakland	Open Side	1New	1	$7,800					1	$11,000
CA	Oakland	Reefer	Working							1	$6,500
CA	Oakland	Undermount	ASIS
CA	San Diego	Gooseneck 40'	Road-worthy
CO	Denver	DC	1New	11	$3,900	16	$5,250			8	$5,600
CO	Denver	DC	1Trip(incoming)							3	$5,800
CO	Denver	DC	CW	2	$3,200			2	$3,550	6	$3,700	2	$4,000
CO	Denver	DC	CW(incoming)	6	$3,100					8	$3,300
CO	Denver	Double Door	1New	7	$5,500					7	$7,400
CO	Denver	Open Side	1New	2	$8,900
CO	Denver	Reefer	1New	1	$23,000
CO	Denver	Reefer	Working	1	$8,700					1	$9,500
FL	Jacksonville	DC	1New	5	$3,200					1	$4,700
FL	Jacksonville	DC	1Trip(incoming)	2	$3,000					19	$4,450
FL	Jacksonville	DC	ASIS	1	$1,550
FL	Jacksonville	DC	CW	50	$1,900			25	$2,750	2	$3,000
FL	Jacksonville	DC	WWT							8	$2,600
FL	Jacksonville	Double Door	1New							2	$6,000
FL	Miami	DC	1New	46	$3,000					30	$4,450
FL	Miami	DC	ASIS	1	$1,450					2	$2,900
FL	Miami	DC	CW	13	$2,000			25	$2,700	1	$3,600	2	$3,700
FL	Miami	DC	Damage							1	$1,000
FL	Miami	DC	WWT					20	$1,900	40	$2,300
FL	Miami	Double Door	1New	2	$3,900					2	$5,400
FL	Miami	Duocon	1New	3	$6,500
FL	Miami	Open Side	1New							1	$9,400
FL	Miami	Reefer	Non-working							1	$6,500
FL	Tampa	DC	1New	1	$3,100					5	$4,650
FL	Tampa	DC	CW	7	$2,100					2	$3,000
GA	Atlanta	DC	1New	3	$2,600					2	$4,400
GA	Atlanta	DC	1New (ASIS)	1	$2,400
GA	Atlanta	DC	5IICL							3	$3,800
GA	Atlanta	DC	5IICL(incoming)							1	$3,600
GA	Atlanta	DC	ASIS					1	$2,250
GA	Atlanta	DC	CW	1	$1,900					1	$2,700
GA	Atlanta	DC	CW(incoming)	4	$1,550
GA	Atlanta	DC	Damage	2	$1,050
GA	Atlanta	DC	WWT	10	$1,700			2	$2,200	2	$2,550
GA	Atlanta	Double Door	1New	7	$3,900					5	$5,300
GA	Atlanta	Double Door	1Trip(incoming)							17	$5,200
GA	Atlanta	Open Side	1New	7	$8,000					1	$13,300
GA	Savannah	DC	1New	1	$2,400	5	$4,200			1	$4,400
GA	Savannah	DC	1Trip(incoming)			18	$3,500			30	$4,200
GA	Savannah	DC	ASIS	5	$1,200					1	$2,400
GA	Savannah	DC	CW	11	$1,400			3	$2,300	5	$2,500	1	$3,650
GA	Savannah	DC	CW(incoming)					2	$2,200
GA	Savannah	DC	Damage					1	$1,200			1	$1,800
GA	Savannah	DC	WWT					47	$2,000	14	$2,500
GA	Savannah	Double Door	1New	2	$3,350					15	$5,150
GA	Savannah	Duocon	1New	6	$5,100
GA	Savannah	Flat Rack	CW							1	$4,750
GA	Savannah	Open Side	1New							3	$13,500
GA	Savannah	Reefer	Damage					1	$3,000
HI	Honolulu	DC	1Trip(incoming)	12	$7,750
IL	Chicago	DC	1New	32	$2,450	9	$5,200			48	$3,900			1	$18,000
IL	Chicago	DC	1New(ASIS)	7	$2,000
IL	Chicago	DC	1Trip(incoming)			6	$3,600			3	$3,500
IL	Chicago	DC	CW	2	$1,350			1	$1,850	1	$2,050	1	$2,800	10	$3,700
IL	Chicago	DC	WWT	2	$1,300			2	$1,600			2	$1,900
IL	Chicago	Double Door	1New	66	$3,200			2	$4,900	8	$5,000
IL	Chicago	Duocon	1New	4	$5,200
IL	Chicago	Duocon	1Trip(incoming)	17	$5,100
IL	Chicago	Gooseneck 40'	ASIS
IL	Chicago	Open Side	1New	6	$6,200					2	$9,200
IL	Chicago	Open Side	1Trip(incoming)							8	$8,200
IL	Chicago	Open Top	CW	1	$4,350
IL	Chicago	Reefer	Working							2	$9,000
IL	Chicago	Side Door	1New	2	$5,400
IL	Joliet	Reefer	1New	6	$20,000					1	$26,000
IL	Joliet	Reefer	Working							1	$8,000
IL	Wilmington IL	DC	ASIS							1	$1,400
IL	Wilmington IL	DC	Damage							1	$1,100
IL	Wilmington IL	DC	WWT	20	$1,500			17	$1,600			1	$1,900
IN	Burns Harbor	Reefer	1New											10	$48,000
IN	Indianapolis	DC	1New	1	$3,250					4	$4,700
IN	Indianapolis	DC	1Trip(incoming)	17	$2,900
IN	Indianapolis	DC	CW	3	$2,100			13	$2,800	70	$2,900
IN	Indianapolis	DC	IICL							1	$3,500
IN	Indianapolis	DC	WWT	3	$1,800					50	$2,300
IN	Indianapolis	Double Door	1New							1	$5,700
KS	Kansas City	DC	1New	41	$2,800					4	$4,100
KS	Kansas City	DC	CW	12	$1,850			3	$2,100	1	$2,600
KS	Kansas City	DC	WWT							2	$2,450
KS	Kansas City	Double Door	1New	4	$3,400					6	$5,500
KS	Kansas City	Double Door	1Trip(incoming)							2	$5,250
KS	Kansas City	Duocon	1New	1	$5,100
KS	Kansas City	Open Side	1New	4	$8,200					1	$11,750
KS	Kansas City	Open Side	1Trip(incoming)							1	$9,500
KS	Kansas City	Reefer	ASIS							1	$5,300
KY	Louisville	DC	1New	10	$2,850					13	$4,650
KY	Louisville	DC	CW	1	$1,900			25	$2,750	2	$2,800	1	$2,200
KY	Louisville	DC	WWT							2	$2,500
KY	Louisville	Double Door	1New							1	$5,700
LA	New Orleans	DC	1New	1	$2,800					2	$4,600
LA	New Orleans	DC	1New(ASIS)	1	$2,600
LA	New Orleans	DC	1Trip(incoming)							2	$4,600
LA	New Orleans	DC	5IICL							1	$4,100
LA	New Orleans	DC	ASIS	1	$1,200
LA	New Orleans	DC	CW	1	$1,800					1	$2,400
LA	New Orleans	DC	WWT					1	$2,000
LA	New Orleans	Double Door	1New							2	$5,700
LA	New Orleans	Open Side	1New							2	$13,600
LA	New Orleans	Reefer	ASIS							1	$3,300
MA	Boston	DC	1New	8	$3,850	4	$5,000			2	$5,100
MA	Boston	DC	CW	20	$2,500					4	$3,200
MA	Boston	Double Door	1New							2	$6,100
MD	Baltimore	DC	1New	29	$2,750					1	$4,650
MD	Baltimore	DC	1Trip(incoming)							1	$4,300
MD	Baltimore	DC	ASIS	2	$1,400
MD	Baltimore	DC	CW	1	$1,750			2	$2,600	1	$2,650
MD	Baltimore	DC	Damage							2	$500
MD	Baltimore	DC	WWT	3	$1,600
MD	Baltimore	Double Door	1New							1	$5,200
MD	Baltimore	Double Door	1Trip(incoming)	20	$3,800
MI	Detroit	DC	1New	4	$2,600					5	$3,900
MI	Detroit	DC	1Trip(incoming)							5	$4,000
MI	Detroit	DC	ASIS	1	$1,050					3	$2,000
MI	Detroit	DC	CW	24	$1,600			2	$2,100	4	$2,700	6	$2,800
MI	Detroit	DC	CW(incoming)	8	$1,550
MI	Detroit	DC	WWT/CW							2	$2,100
MI	Detroit	Double Door	1New	9	$3,250					4	$5,300
MI	Detroit	Double Door	1Trip(incoming)					1	$4,900
MI	Detroit	Open Side	1New	2	$7,700					1	$9,000
MI	Detroit	Open Side	1Trip(incoming)	1	$6,300					1	$8,000
MI	Detroit	Reefer	1New	15	$47,000
MN	Minneapolis	DC	1New	29	$2,850	1	$5,300			2	$4,400
MN	Minneapolis	DC	1Trip(incoming)	6	$2,800
MN	Minneapolis	DC	5IICL							1	$4,400
MN	Minneapolis	DC	CW					1	$2,700	7	$2,850	1	$3,200
MN	Minneapolis	DC	CW(incoming)							10	$2,500
MN	Minneapolis	Double Door	1New	2	$3,300					1	$5,900
MN	Minneapolis	Duocon	1New	12	$6,900
MO	St. Louis	DC	1New	1	$2,500					1	$4,200
MO	St. Louis	DC	ASIS	2	$1,300
MO	St. Louis	DC	CW	1	$1,700			5	$2,500	1	$2,600
MO	St. Louis	DC	Damage							1	$2,100
MO	St. Louis	Double Door	1New	2	$3,800					1	$5,500
MO	St. Louis	Open Side	1New	4	$6,900
NC	Charlotte	DC	1New	12	$3,250					1	$4,750
NC	Charlotte	DC	1Trip(incoming)	1	$3,150
NC	Charlotte	DC	CW					1	$3,000	2	$3,050
NC	Charlotte	DC	Damage							1	$1,700
NC	Charlotte	Double Door	1New	1	$4,500
NC	Linwood	DC	5IICL							4	$4,850
NC	Linwood	DC	WWT/CW							12	$3,150
NC	Wilmington NC	DC	1New	3	$3,400					13	$4,400
NC	Wilmington NC	DC	CW	25	$2,000
NC	Wilmington NC	DC	WWT	6	$1,600
NE	Omaha	DC	1New	6	$3,400			1	$4,500	6	$4,800
NE	Omaha	DC	1Trip(incoming)	4	$3,100					3	$4,500
NE	Omaha	DC	CW	2	$2,100			4	$2,800	6	$2,850
NE	Omaha	DC	WWT	1	$1,500
NE	Omaha	Double Door	1New	1	$3,800					2	$6,000
NE	Omaha	Double Door	1Trip(incoming)							1	$5,300
NE	Omaha	Open Side	1New							1	$10,300
NJ	Monroe	DC	ASIS	1	$1,000
NJ	Newark	DC	1New	7	$2,850	2	$4,450			2	$4,250
NJ	Newark	DC	ASIS	16	$1,200			2	$1,800	7	$1,900
NJ	Newark	DC	CW	16	$1,750					12	$2,200
NJ	Newark	DC	Damage	1	$800					1	$1,700
NJ	Newark	DC	WWT	1	$1,700			10	$2,000
NJ	Newark	Double Door	1New	3	$4,450					1	$5,100
NJ	Newark	Duocon	1New	7	$7,800
NJ	Newark	Duocon	1Trip(incoming)	25	$5,200
NJ	Newark	Flat Rack	CW							1	$4,900
NJ	Newark	Open Top	ASIS							1	$2,200
NJ	Newark	Reefer	ASIS							5	$4,800
NY	Brooklyn	Gooseneck 40'	ASIS
NY	New York	DC	1New	15	$2,900					2	$4,200
NY	New York	DC	ASIS							14	$2,000
NY	New York	DC	CW	1	$1,900					1	$2,100
NY	New York	DC	Damage							1	$1,800
NY	New York	DC	WWT	1	$1,750
NY	New York	Reefer	Working							1	$9,700
OH	Cincinnati	DC	1New	1	$2,950					5	$4,450
OH	Cincinnati	DC	1Trip(incoming)							1	$4,300
OH	Cincinnati	DC	ASIS							1	$1,300
OH	Cincinnati	DC	CW	3	$1,900			2	$2,150	5	$2,350
OH	Cincinnati	DC	WWT							8	$2,300
OH	Cincinnati	DC	WWT/CW	1	$1,300
OH	Cincinnati	Double Door	1New	6	$3,700					4	$5,500
OH	Cincinnati	Double Door	1Trip(incoming)	2	$3,600
OH	Cincinnati	Duocon	1New	6	$6,900
OH	Cincinnati	Open Side	1New	6	$7,600
OH	Cleveland	DC	1New							3	$4,250
OH	Cleveland	DC	ASIS					1	$1,800	1	$1,800
OH	Cleveland	DC	CW	7	$1,800					1	$2,400
OH	Cleveland	DC	WWT					21	$2,050	1	$2,300
OH	Cleveland	Double Door	1New	3	$3,600
OH	Columbus	DC	1New	32	$2,850
OH	Columbus	DC	1Trip(incoming)	1	$2,800
OH	Columbus	DC	CW	7	$1,750					9	$2,600
OH	Columbus	DC	WWT					2	$2,100	3	$2,300
OH	Columbus	Double Door	1New	8	$3,500			1	$5,000	1	$5,250
OH	Columbus	Duocon	1New	2	$6,900
OH	Columbus	Open Side	1New	1	$7,850
OH	Columbus	Open Side	1Trip(incoming)							1	$9,200
OK	Oklahoma	Double Door	1Trip(incoming)							15	$7,000
OR	Portland	DC	1New	1	$3,900
OR	Portland	DC	CW							3	$3,550
OR	Portland	DC	WWT					3	$3,350	1	$3,400	1	$3,450
PA	Philadelphia	DC	1New							8	$5,900
PA	Philadelphia	DC	CW							4	$3,250
PA	Pittsburgh	DC	CW(incoming)	1	$2,600
SC	Charleston	DC	1New	12	$2,600	1	$3,800			18	$4,200
SC	Charleston	DC	1New(ASIS)	1	$2,500
SC	Charleston	DC	1Trip(incoming)			2	$3,800
SC	Charleston	DC	ASIS	6	$1,350
SC	Charleston	DC	CW	3	$1,600			2	$2,150	51	$2,500
SC	Charleston	DC	WWT	1	$1,350					50	$2,450
SC	Charleston	Double Door	1New	1	$3,600					12	$5,200
SC	Charleston	Double Door	1Trip(incoming)	1	$3,550			1	$4,950
SC	Charleston	Open Top	WWT	1	$2,300
SC	Charleston	Reefer	Working							3	$9,000
TN	Memphis	DC	1New	1	$2,700	4	$6,000			3	$4,000
TN	Memphis	DC	ASIS	2	$1,500					1	$2,000
TN	Memphis	DC	CW	2	$1,650			1	$2,500	1	$2,900
TN	Memphis	DC	CW(incoming)	10	$1,550
TN	Memphis	DC	IICL							1	$3,700
TN	Memphis	DC	WWT	1	$1,700			1	$2,100
TN	Memphis	Double Door	1New	4	$3,400					1	$5,400
TN	Memphis	Open Side	1New	6	$7,600
TN	Memphis	Open Top	ASIS							1	$2,400
TN	Nashville	DC	1New	1	$2,950					2	$4,650
TN	Nashville	DC	5IICL							1	$4,500
TN	Nashville	DC	CW	1	$2,200			7	$2,900	3	$2,950
TN	Nashville	Double Door	1New							3	$5,500
TN	Nashville	Double Door	1Trip(incoming)	1	$3,500
TX	Austin	DC	1New	2	$3,500	1	$4,800			6	$6,100
TX	Austin	DC	WWT	25	$1,900			17	$2,900	10	$3,100
TX	Dallas	DC	1New	4	$2,700	6	$5,950			9	$4,700
TX	Dallas	DC	1Trip(incoming)							45	$4,600
TX	Dallas	DC	ASIS							2	$2,150
TX	Dallas	DC	CW	4	$1,800					1	$2,500	1	$2,800	24	$5,500
TX	Dallas	DC	WWT	18	$1,600
TX	Dallas	Double Door	1New	29	$3,900					6	$5,500
TX	Dallas	Double Door	1Trip(incoming)	1	$3,900
TX	Dallas	Open Side	1New	16	$8,100					2	$11,500
TX	El Paso	DC	1New	20	$3,250					7	$4,800
TX	El Paso	DC	CW							1	$4,000
TX	El Paso	DC	WWT							8	$3,800
TX	El Paso	Double Door	1New	1	$4,200
TX	El Paso	Straight frame	ASIS
TX	Haslet	DC	CW							1	$2,950
TX	Haslet	DC	WWT					50	$2,500
TX	Houston	Clipon	5IICL
TX	Houston	DC	1New	20	$2,350	13	$3,500			1	$4,500
TX	Houston	DC	1New(ASIS)	1	$2,000					2	$4,300
TX	Houston	DC	1Trip(incoming)			20	$3,300			30	$4,300			12	$15,700
TX	Houston	DC	5IICL							1	$3,000
TX	Houston	DC	5IICL(incoming)							20	$4,000
TX	Houston	DC	ASIS	1	$1,250					1	$1,800	1	$2,000
TX	Houston	DC	CW			2	$2,500	5	$2,050	20	$2,400	5	$2,850
TX	Houston	DC	WWT	50	$1,250			50	$2,000
TX	Houston	Double Door	1New	12	$3,400	2	$5,000			1	$5,200
TX	Houston	Double Door	1New(ASIS)							3	$4,850
TX	Houston	Double Door	1Trip(incoming)							20	$5,200
TX	Houston	Duocon	1New	1	$5,300
TX	Houston	Extendable 40-45-48	Road-worthy
TX	Houston	Gooseneck 40'	Road-worthy
TX	Houston	Open Side	1New	11	$7,500					1	$9,600
TX	Houston	Open Side	5IICL(incoming)	2	$6,200
TX	Houston	Open Top	1New					5	$10,500
TX	Lancaster	Reefer	1New											10	$48,000
TX	Laredo	DC	1Trip(incoming)	1	$3,100					50	$7,000
TX	San Antonio	DC	1New	2	$3,200			1	$5,250
TX	San Antonio	DC	1Trip(incoming)							1	$5,800
TX	San Antonio	DC	WWT	10	$1,700
TX	San Antonio	Double Door	1New							3	$6,000
UT	Salt Lake City	DC	1New	2	$3,700	1	$5,700			2	$5,300
UT	Salt Lake City	DC	CW	1	$2,850			1	$3,500	32	$3,800
UT	Salt Lake City	Double Door	1New	2	$4,200					6	$6,800
UT	Salt Lake City	Open Side	1New							1	$12,500
VA	Chesapeake	DC	ASIS	1	$1,200			2	$2,100
VA	Norfolk	DC	1New	1	$2,500					1	$4,200
VA	Norfolk	DC	1New(ASIS)	1	$2,400
VA	Norfolk	DC	5IICL	1	$2,300
VA	Norfolk	DC	ASIS	11	$1,300			6	$2,200
VA	Norfolk	DC	CW	1	$1,600			15	$2,550	12	$2,800
VA	Norfolk	DC	CW(incoming)							2	$2,800
VA	Norfolk	DC	WWT					1	$2,300	6	$2,400
VA	Norfolk	Double Door	1New	1	$3,550					4	$5,150
VA	Norfolk	Open Side	1Trip(incoming)							1	$17,500
VA	Norfolk	Reefer	Working							1	$8,000
VA	Norfolk	Slider 20'	Road-worthy
WA	Chehalis	DC	CW							5	$2,850
WA	Seattle	Clipon	5IICL
WA	Seattle	DC	1New	10	$3,650			10	$4,500	6	$5,400
WA	Seattle	DC	1Trip(incoming)	6	$3,100			3	$4,500	2	$4,550
WA	Seattle	DC	ASIS	1	$1,700					3	$2,100
WA	Seattle	DC	CW	1	$2,100			3	$2,500	2	$2,600	4	$3,950
WA	Seattle	DC	WWT					9	$2,400	50	$2,550
WA	Seattle	Double Door	1New							2	$6,100
WA	Seattle	Reefer	ASIS							1	$3,300
WA	Seattle	Reefer	Working							1	$5,700
WA	Seattle	Underslung	5IICL
WA	Tacoma	DC	1New					2	$4,500
WA	Tacoma	DC	1Trip(incoming)	1	$3,200
WA	Tacoma	DC	ASIS	1	$1,650
WA	Tacoma	DC	CW	1	$2,000
WA	Tacoma	DC	WWT	1	$1,850			1	$2,600	2	$2,750
WA	Tacoma	Open Top	Damage					1	$1,900
WA	Tacoma	Reefer	Working							1	$6,100

[Scott Mednick]

I do like your math.