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Updated over 7 years ago on . Most recent reply
I have money for Self Storage - What state to buy in?
I've decided to get us out of residential property. Its just not going to get us where we want to be in the next 10 years. We have about 600-700k ready in cash for a storage unit facility and would consider buying anything under 2M with that cash. I see units for sale and understand the number of units and price per square foot vary tremendously across the country. I have multiple opinions for JLL's best brokers and Colliers about wha to do but its all over the board about getting in now or waiting.
I think the market for a small guy like me is to find ( some state) and look for class C or B properties under rented and use new technology to get it more operational and leased up + strong SEO marketing to drive traffic. Im going to got to Scott Meyers could in January and I've talked to the Storage Authority Franchise.
But the question remains --> What state to buy in?
Most Popular Reply
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I can tel you that the states that have the most activity are Texas, Arizona, Florida and the mid-Atlantic. Keep in mind that self storage is a micro market business. Usually 3-5 miles. You can be in a state or city that is considered to be overbuilt and still find pockets within that area that can use storage. If you are buying an existing business, look for those that under managed and haven't had revenue management In place and you may find what you are looking for.