Storage Unit questions and development in MN

[Jeremy Karja]

We are looking at building and developing some storage units on raw land but had some questions.  I am new to this arena but this deal fell into my lap for a decent deal with family that own it.

1. What is the average vacancy rate we should use in a suburban area?

2. What are the insurance costs?

3. What are the other costs involved.

The VERY rough numbers we have right now are:

Land: 200k

Building 50 units: 160k

Average rental for unit in area: about 100 to 120 a month

Right on a major Hghwy

Right across from a boat launch on a lake

Units could be large enough for indoor and outdoor boat storage.

What other questions or things should I consider here overall with storage units?

Thanks all!