Completed Self Storage Addition
We just completed construction building 3 at Chandler Storage on Westland Drive. This building added 34 units in Cleveland, Tennessee last Friday. This brings the total units at Chandler Storage up to 155 units (102 units at Westland Drive and 53 units at 20th Street Storage).
This facility was originally purchased 2 years ago and was in need of repair. It had a 5,250 square foot commercial warehouse, 1 completed self storage building with 34 units, and 2 empty concrete pads that could hold 68 additional storage units. Last June we completed construction of building 2 and this June we were able to complete the facility by adding building 3.
This has been a great investment property and I've enjoyed rehabbing it to its full potential. If you would like to see photos of the construction of building 3 see the following link. https://www.facebook.com/ChandlerProperties/photos_stream
Comments (4)
Thanks David, Annual Rent per Square Foot varies, but in my area it's around $4.40 per square foot. (10 x 15 unit = 150 square feet. Rent of $55 per month.)
Michael Rogers, over 11 years ago
Great work. What is your average monthly rent per sq ft? What are typical profit margins in the self storage business (including taxes, insurance, utilities, maintenance, etc. but before staff/management since that could vary based on how you run it). Thanks.
David Beard, over 11 years ago
Thanks Bryan. Construction cost for the metal building itself were about $17 per square foot. The concrete pads were already poured when I purchased the property. So if you were building from scratch you'd have to factor in the concrete pad cost, land, and land prep, fences, gates, etc. I don't keep someone on-site to manage the properties. My family has a finance company in town and we manage both self storage locations from this store. It's great since it keeps down the labor and overhead cost.
Michael Rogers, over 11 years ago
very nice...this is something I've always wanted to get into... what construction costs are you looking at? do you have someone there at all times to manage the units?
Account Closed, over 11 years ago