Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. 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 5 years ago on . Most recent reply

Account Closed
  • Rental Property Investor
  • Central, fl
821
Votes |
950
Posts

Self storage costs of a closed business

Account Closed
  • Rental Property Investor
  • Central, fl
Posted

Not even sure where to start.  I found a closed self storage unit around 30 units.  If this was a functioning property and full or close to full 90% or higher what would be a good price? 

It’s going to take me months or even a year to fill the units.  Need to get marketing going and a lot of deferred maintenance.  

My research for what I can get it to based on area comps and maximizing the space it would make a great return. 

So questions what’s a 30 unit worth, and any tips to get the seller out of crazy land and back to reality.  what % could I get this for?  It’s around 6,000 rentalable square feet and at .80-.85 per square foot of rentalable space.  

Thanks.  I’m sure I sound like I’m rambling but I want to go in strong but realistic to the seller.  

    Some thoughts I’ve had is seller financing to get the sellers bottom line moved up, a profit share for getting the units refilled, or maybe even a kicker in a few years of stability.  Just thinking of road blocks that people have been throwing down that I can overcome.  

Most Popular Reply

User Stats

3,505
Posts
3,251
Votes
John Teachout
  • Rental Property Investor
  • Concord, GA
3,251
Votes |
3,505
Posts
John Teachout
  • Rental Property Investor
  • Concord, GA
Replied

I'd be wanting to know why it closed in the first place? If it was a profitable venture, why isn't the owner still operating it?

Loading replies...