Self Storage analysis

[Landon Dolezal]

Hey BP! I hope I can reach all the greater Seattle folks with this question. I'm a real estate agent and I'm working on my first commercial deal. I have a partner whose looking to purchase land for a self storage facility in an area that has growing residential neighborhoods and no storage. Ive got a couple different properties in mind, both are on the main road going through town so I know there's high traffic. I know I'll need to talk to the planning/developer for the city. However it goes with the saying you don't know what you don't know. So I'm hoping that the BP community could help me with what kind of questions or bits of info do I need to know to help my client with this investment? Thank you everyone! 

[Terry Campbell]

I would suggest a feasibility study done by a self storage feasibility expert. They understand the industry and what you need to know. Things such as what the current competition is, how many sf the market can bear, how many sf you should build, what your rates should be, how fast your lease up should be, how much climate, non-climate, boat/Rv etc. also, be sure you you consider early on how to manage the property. You need to have the right person operating the facility. I've seen way too many people pour millions into a facility and then hand the keys over to someone you wouldn't give your car keys to.