Any self storage investors here?

[Timothy W.]

Hey Guys,
I have a small commercial multi but my main focus has been res. property. I have a question about self-storage and I have never done it before. I have a line on a 42,000 s.f. commercial building in a densly populated area. Scrappers did some serious damage to the building and I can pick it up for under $2.00 a square foot. My analysis of repairs tells me I can have the entire thing rehabbed to a useable self-storage facility for under 400k. I've done my analysis of the local market to determine there is a sustainable market for this facility where it is located. The cashflow is also in order and the taxes are remarkably low - less than 5k per year. I have a strategy for management as there is a retail space attached to the front of this building.

I guess my only questions going further are for experienced self-storage investors. Any pitfalls I need to keep an eye out for? Thanks.

Tim