How to Find a Property for a Potential Self-Storage Conversion!!!

There are a lot of properties out there that have the potential to be converted into a self-storage facility. The best way to find these properties is on the internet, looking for properties that are vacant, or talking to commercial Realtors who may have potential properties.

When you are searching on the internet, the first thing that you want to search for is a property that has a low cost per square foot. Once you have found that, then you want to look at location. How close are you to the demographic that you want to reach? You want people who have enough income to store, but not such a large home that they don’t need storage. What is within a 3 mile radius of this property? How much competition do you have within those 3 miles? Are you out located? If you still feel good about the property, then it is time to make an offer contingent on due diligence.

When you are driving around, you will see vacant big box stores, or bowling alleys or old industrial buildings. These already have good visibility because you just noticed them. These are properties that you can consider converting. If they fit what you want, then contact the owners and see if they are willing to work with you. Find out what the history is for that property and then move forward if it still fits your investment model.

Next, you can reach out to Commercial Realtors and ask them about properties that they have that are zoned or could be zoned for self-storage. Tell them that you are interested in converting a property and so anything with a low cost per square foot is something you would be interested in. Remember that when you are looking at conversions, the cost of demolishing parts of the existing building or putting on a new roof or any number of other mandatory repairs raises the cost of the property.

There are so many lots with buildings on them that are vacant. Many of these have the possibility of becoming self-storage. Start looking into what you can find that is inexpensive but in a great location. Then let your imagination figure out if your dream property can fit there. As always, happy investing.