The First Rule of Finding a Self-Storage Property includes Conversions

The perfect self-storage property may actually currently be a warehouse, or an abandoned bowling alley or even an old supermarket. There are a lot of properties out there that have the potential to become self-storage. Your job is to go out there and find these properties and turn them into self-storage. The great thing about converting a property is that it will be completed much faster than new construction. This means that you will have income much more quickly.

One way to find potential conversions is to talk to planning and zoning. The zoning department is a great source of information. Go in and ask them where they would like to see self-storage in the city. If they say nowhere, then you know you are going to have an uphill battle on any type of zoning change that you might want to get. However, they may have an area where they feel there is a need. They may have vacant land that they would like to see turned into that type of commercial property. This means that you will have more support from planning and zoning if that property needs a zoning change.

By asking planning and zoning where they would like to see self-storage, you have an idea of where to start looking for a potential conversion. If the city already wants a property in that area, it may be much easier to get your plans approved.

Once you have some ideas on general areas to look, you can start finding properties that fit your 4 to 5 acre minimum criteria. Then start looking for buildings that are the right square footage. You don’t need a property with a lot of frontage or parking. You can always get creative with your parking spots. If you find something with a lot of parking this may be a way to expand the building or bring in storage pods or even offer RV and Boat parking if that is something that is needed in your area.

Always keep your eyes open for possibilities. You never know when you might find something that has the perfect potential to be self-storage. As always, happy investing.