Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago, 07/04/2017

User Stats

21
Posts
3
Votes
Jim Keplinger
  • Bloomington, IN
3
Votes |
21
Posts

Storage Facility Advice from the BP Brain\ Trust

Jim Keplinger
  • Bloomington, IN
Posted

Dear BiggerPockets BrainTrust:

Folks, I'm about to pull the trigger on my first deal (tommorow?!?) and I have questions. I'm purchasing a 4600SF commercial building 30 feet off the main Square in small town Indiana.  The square is currently undergoing a massive (and well funded) revitalization effort, which I thought would be as good a place to hitch my wagon as any. That said, I have experience in spas (building and operating), so the obvious choice for ~2000 feet is a spa...and I may already have a leasee. However, that leaves ~2600 feet unaccounted for. Now, I can do a lot of things with the space, however, as it is dry, has a loading dock, is at least temperature controlled (might be climate controlled as the building has been used for document storage for a decade), and has a dry fire suppression system installed and working. But, this particular section is not public-facing (access only off a back street), has no windows (cinderblocked up years ago) and is far from sexy...it's just space.

One of my ideas is to fit it for self-storage units. I'm a quick study and have started reading up on such things, however, there is precious little on doing it to such a small space or even how to estimate costs. Can anyone give me advice, pros, cons, etc? Is it a good idea or is there a more lucrative way to profit off the space?

Thank you in advance for any and all ideas!

Jim