Storage Business Springboard??

[Brock Lile]

Hello all,

I haven't been active on the BP forums yet but am a BP podcast ADDICT!

I figured I could post this here and would welcome any and all input!

There's a place I've been eyeballing for a few years now. It's a pole-building (we call them "shops") with office, living quarters and mechanic's bays with large roll-up doors (6 bays in total). It is 2.16 acres, completely fenced in. 

Here's the basics:

- 2.16 acres zones light industrial

- 6 bay shop (pole building)

- Downstairs office, finished

- Upstairs apartment, just refinished, 2bed/1bath

- Overall building is 4,800 sq ft 

- Built in '06

- Property is entirely fenced with barbed wire

- 15 gpm well with filtration system

- The shop area is heated with an oil burning furnace

- Asking $400,000

- This property is due to a divorce, liquidated the mechanic business the couple had in the building, wife wants to get rid of it

- Currently vacant, except for the lady's son who is currently living in the upstairs apartment

This looks like such a fantastic opportunity to start a small storage business. It sounds like the seller is somewhat motivated. My thoughts were, rent out the upstairs apartment, rent out each bay as covered storage for boats or rv's, rent out uncovered boat/rv storage on the remaining fenced-in land until I can get some storage buildings up.

There are no storage facilities in my (very) small town right now. Everyone has boats and rv's they need stored. Most of the storage business within the larger city down the road are all at max capacity and adding on additional units.

Would I start by doing a market analysis of the local storage businesses before I waste time analyzing this deal?

To be completely honest, I don't even know where to start with this. I'm excited to investigate this opportunity but I'm not sure what to do here.

Thank you for any help!

-Brock