Self Storage Conversion

[Dan L.]

Hello all! I have a question about self-storage conversions.

I am purchasing a commercial property that is completely empty, and basically was not completely finished when it was abandoned about 10 years ago. There is no HVAC and no plumbing! However, sheetrock is completed, some hardwood flooring installed, and even chandeliers are installed. The original builder definitely had an odd schedule.

I am getting the building at a very good price, and it includes 11 acres of land plus another small building. So, a thought has been to convert it into Self Storage. It was being built to be a restaurant, though. My one main concern is the physical strength of the building, in the sense, can you convert to a self storage facility from a building that has a basement? How do I know if that structure is strong enough to handle the requirements of a self storage facility?

The obvious answer will be to contact an engineer, which I will. But I was hoping somebody here could tell me if I am completely crazy and it can't work, or if they have had experience building self storage units in a commercial building that has a basement.

So I am thinking it's not a good idea? But wanted to know if it is possible. My alternative is to install HVAC and plumbing and rent it out.

Thanks!

[Paul Moore]

@Dan L. I agree with Neil that you should do a feasibility study. At least start By doing your own demographic study using radius plus. I wouldn’t go any further at all until you are happy with those numbers.

And you should probably reach out to @Scott Krone since he has done a number of conversions and has a background in engineering and architecture. You should also reach out to AJ Osborne. He was on the BP podcast a few times and has a book on self storage. He successfully converted the Reno Super Kmart into a self storage facility and made a boatload of money. Good luck!