15K Sq Ft Bldg- Indoor Self Storage?

Question

I recently purchased a building on the main street of a small village in Ohio, located about 45 minutes from Pittsburgh, a half hour from Youngstown, OH. The building is two and a half full open floors and a full basement. I cannot make up my mind on what to do with it. Everything needs updated, but looking for some advice. I own a triplex across the street (one commercial, two apartments) as well as an attached two buildings (2 commercial, 2 apartments) so I have a vested interest here. It's the largest open storefront left in town, however I have had listed for sale for a while with no hits. I've thought about converting the second floor to apartments (3 apartments as 4 or more here require a full fire sprinkler system which is very expensive). If anyone has experience with indoor self storage, I would really appreciate it if you could reach out to me to offer any advice or ideas you may have. If you have any other ideas that have worked for you where you're at - PLEASE let me know. :)

Thanks everyone!!

JC

Thanks everyone!!

JC

Scott Krone · Answer

We don't do conversions that small as the market place for them is much more limited on the sale.  The largest cost factor will be the lockers and MEP.  That will be dictated by the local demand and what locker size is required.  Larger fewer lockers will be more cost effective than smaller with more units.

Ken Jernigan · Answer

@ScottKrone Do you have a ballpark number for conversion? I know it pretty much depends on the building, but we're looking at a 30K square foot conversion of furniture store and would like to have a baseline. Then make adjustments for building condition.

Scott Krone · Answer

Our investment business is converting empty warehouses into self storage.

15K Sq Ft Bldg- Indoor Self Storage?

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