Warehouse to self storage conversion…

[Karen Johanson]

I have an opportunity to buy an acre parcel with two empty warehouses on it. They are in excellent shape and were built in 2012 and have electrical but no heat.

The parcels next door are a storage unit that has a waitlist and a municipal airport. It is in a sparsely populated area, but it’s halfway between a city of 300,000 and a popular resort region (think boating).

I’m considering converting the warehouses to self storage units as a strategy and want to evaluate my market and this deal.

I’d love feedback about what data I need to determine the cap ex costs, market considerations and pitfalls to avoid.

Thanks!