Self Storage Opportunity

[Christopher Lombardi]

I have the opportunity to but a self storage development site for next to nothing, but I know nothing about this type of business.   Anyone here built one before?  This one is climate controlled, 60k sqft with 500 units.   I'm thinking $75 /sqft including site work?   Its a very nice, higher end facility.   Let me know if I'm way off.  I appreciate any help.

[Michael Wagner]

You got some good advice above and I appreciate the shout out @Dave Peirce! You will definitely want to get smart before diving in. @Scott Meyers is your guy when it comes to ground up development. I prefer to buy and expand existing properties. That said, $75 per square foot is in the ballpark. Generally speaking, the industry standard for non climate controlled single story is $30-35 per square foot all in (exclusive of land). Climate controlled starts at $60-65 and climbs from there depending on market, site and ammenities!