Building Self Storage

[Barrett Boone]

Newbie here. 

I am considering developing a self storage facility on land that is already owned by my family. I don't know much about investing in self storage, but the few things I've seen it seems that the main strategy in this space is to find and existing mom and pop facility and buy it for a good price and improve the operation.

I wanted to get opinions on building a new facility on raw land that is already owned outright.

The property we are considering is located just south of Sherman TX (about an hour north of Dallas TX). The land is about 10 acres on a two lane highway. There has been a recent spurt of development in the area, and there are several large housing developments currently breaking ground. 

Interested to learn what the forums think, and what kind of questions and research I need to be doing to evaluate this idea.

Thanks!