Hard to find Self-Storage Properties? Why Not Consider a Conversion?

Sometimes your marketing and networking will not yield the results that you anticipated. Self-storage is a great investment and many self-storage owners don’t want to sell. That doesn’t mean that you don’t have an opportunity to invest in self-storage in that area. What it means is that you might have to consider new construction or converting an existing building into self-storage.

There are plenty of properties that you may not have considered for example, that old bowling alley or that empty ice skating rink. How about that big box retail store that has been empty for the past few years? You might even want to get creative, there are old industrial buildings that can be changed into storage. I like to find out the history of these “Junkers” as I like to call them. You are looking for a big building that can hold a lot of self-storage units for your self-storage conversion.

Often, these big buildings come with big parking lots. When that happens, you can still utilize that space. When you are talking to planning and zoning about whether or not the project is feasible, find out if you can convert the parking lot into RV & Boat Parking.

Most of these properties are zoned commercial or industrial and the city ordinances will allow you to convert them to self-storage. However, if the city doesn’t allow self-storage in that area, find out if you can get a variance. If there is no self-storage in the area, then you may have a prime location. However, if it is to far from your potential customers, then you need to have a feasibility study done to know if this is even a viable option.

Something that you should also consider when you want to build, or convert is your timeline. Conversions typically happen faster than new construction. If you have an existing building in a great location, then a conversion may be a better option.

Don’t allow yourself to be kept out of self-storage investing. If you can’t find a property, get creative. Look for those buildings that have been sitting there for a while or a vacant lot in a great location and find out if it is the right fit for you. As always, happy investing.