Storage Facility Analysis

[Preston Dellinger]

Looking at a storage facility in small SC town and hoping for any advice as I am not familiar with the storage business.  Facility is just south of the center of town positioned between industrial park and fast food restaurants, with fast food being in front of main road.  Facility can be seen from main road behind restaurants with about 8,000 cars per day traffic.  3 buildings with 68 total units- mostly 10x10s with a few 5x10s.  Office on end of one of the buildings.  Asking price is $150,000.  Right now, there are only 25 units rented.  The owner lives a couple hours away and hasn't put in a lot of time marketing the property.  The buildings are not fenced in so thinking fence and gate should be added in with figures.  

City Data:

5000 people within 3 sq. mile radius.  2300 houses within 3 sq. mile radius. 

Other area storage facilities:  

1 mile SE of subject property -  94 unit facility - not fenced in, 10x10 rate- $45/mo, 10x15 rate- $55, 10x20 rate- $65, 5x10 rate- $35.  Mostly full with a couple 5x10s and 1 10x20 left.  

2 miles NE of subject - 66 unit facility - fenced in with manual gate, mostly full with a couple 10x10s left which rent for $50/mo

5 miles NW of subject - 48 units - all 10x10 units and completely full, 100% occupied, $45/unit 

3 miles W of subject - 238 units - fenced in with electric gate, several 10x10 units available.  Complex has mostly 10x12 and 10x25 units which are all about rented out.  10x10- $40/mo, 10x12- $50, 10x25- $75  

Thanks!

Preston