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Updated over 5 years ago on . Most recent reply
Self storage costs of a closed business
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.
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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?