#2 Commercial Real Estate Investing ContributorPosted This is a little better.
#2 Commercial Real Estate Investing ContributorPosted Spreadsheet wouldn't post so below is the view.
Layout:
| This is an example, for discussion only. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Layout Phase 1, 2 acres | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assume the 4 acres is square. | Setbacks- front/side/rear | Assume roads are not allowed on this. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Driveways- 25 foot | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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#2 Commercial Real Estate Investing ContributorPosted At different times I have noted individuals looking for "that" template. Take the following concepts and adapt to your needs. Remember the next person, always makes it better.
Please take the attached as a template and not a specific project or valuation. Improve it and make it your own. This is geared to the individual investor and not corporate or multi state groups, who will have their own finance/procurement teams.
There are several tabs and concepts:
1. Cost projection, 2. Site layout, 3. Revenue projection, 4. PL/Cash flow projection, 5. Valuation/Brokers/Buy-Sell discussion points.
Well spreadsheet won't post. Will do images.
| Note: This is written for an individual owner or investor. The Big organizations already have their templates and methods. And will be doing Climate controlled. | |||
| This is an example, for discussion only. | |||
| A. Project Cost estimate from ground up. | |||
| B. P/L revenue stream | |||
| C. Valuation Buy/Sell | |||
| Adjust all of the above to your local market and situation. | |||
| A. Self Storage Project Worksheet | |||
| Drive up Storage | |||
| Notes: | |||
| Land | $200,000 | 4 acres at $50,000/acre | |
| Survey | $7,000 | Site, elevation and building layout | |
| Fence | $30,000 | Black chainlink | |
| Gate system | $25,000 | Automated rolling 20ft | |
| Engineer | if needed; $30,000 to $60,000 | ||
| Dirt work | $15,000 | Slight roll, no dirt brought on site | |
| Building demo | if needed, $15,000 to $60,000 | ||
| Electrical- site | $7,000 | building lighting and office if needed, LED. | |
| Electric poles | if needed; $2,000 per pole. First is free if nearby. | ||
| Security | $10,000 | ||
| Storm drains | if needed; $50,000 to $150,000 | ||
| Water | if needed; $5,000 just plumbing | ||
| Water line | ?? if an extension could be $10,000 up to $150,000 | ||
| Fire Hydrant | if needed, $3,000 | ||
| Sewer | if needed: $5,000 plumbing | ||
| Sewer Line | if needed; $10,000 up to ???? | ||
| Buildings | $1,180,800 | Phase 1 2 acres | |
| Office | if needed, plain storage unit 20x30; $25,000 insulated. | ||
| Office setup | if needed, $5,000- computers, printers, HVAC, frig, cabinets, etc | ||
| Footings | if needed. ?????? | ||
| Roads | |||
| Gravel | if needed, ????? | ||
| Asphalt | if needed, ????? | ||
| Concrete | $676,133 | 6 inch Cubic yards, framed, poured, sawn, | |
| Retention Pond | if needed, part of dirt work cost, less land for buildings | ||
| Landscaping | $5,000 | I like trees and bushes. Less sterile | |
| Road Sign | $15,000 | For highway 55mph billboard sign | |
| Total | $2,170,933 |
#2 Commercial Real Estate Investing ContributorPosted @Sarah. Recommend you don't rent out the back lot to "Non-tenants", unless it is massive. Do charge your tenants for their use. By having the back lot available for your potential building renters, you expand the number and type of building renters. Compare your "potential" warehouse renters versus their potential need for the lot storage. Example: If you plan to rent to a landscaper or plumber, they will want outside storage also. Just charge them more.
#2 Commercial Real Estate Investing ContributorPosted For financing purposes I always use 90% occupancy. Get interest only payment to 65% occupancy or 18 months.
Need to analyze your market before you use 90%. Idaho Falls should have about 3,400 unit market based on population. Metro 7,800. I would go count units and sizes for a couple weekends. Or more specifically check your specific area out.
I always use Sparefoot when analyzing a market to start with. Do Sparefoot, Idaho Falls. Select the 10 x15 size. Then switch to map setting. Look for the "holes" in the market compared to the population.
I note two things. Either most of the facilities up there don't use Sparefoot, or you have a big underserved market. Also I don't note any of the big REITS. If this is the case, you need to push hard the next 5 years and build about 10 locations of 300 each. Not a mega one. Check all of this with your feet on the ground. It looks like unusually fresh territory.
#2 Commercial Real Estate Investing ContributorPosted One key take away from all of the above. Most of the REITS and Sparefoot have to strong of an SEO presence for you to battle. And they have been in place longer. Also, even if you were the number 1 listing, your drowned out by the 6 to 10 pages of listings. Recommend you go with Map placement and youtube placements. These pictures standout from the 6 to 10 pages of listings.
I'm not a big online person. Just started about 4 months ago. One of you other Tech/Marketing people please jump into the discussion. Thanks.
#2 Commercial Real Estate Investing ContributorPosted 30 June 2020, 02:53 PMUpdate:
Facebook for the Storage location, started at zero, have 38 likes and 39 follows. Needed 26 to get our Facebook ads started. So we will see how facebook does. Hopefully get good results like @StacieJ noted.
Sign post, the posts are in. Set back an additional 2 feet from the fence in case we decided to use the next larger sign. See picture below. Should be up in the next week. Saved money, went with creosote poles versus I beams. Will see how it does in the wind. Pretty windy here.
Joined two Chamber of Commerces, "Alignable" forum and plan to check out "Bigger Pockets" forum for adding content and google view/ranking on our Website.
Put our Coupon Program on one of the Chambers and it is showing on the 3rd page.
The "Alignable" is a pretty neat forum, its national, but can be isolated to your local area for your participation. This forum is actually better than one of the Chambers forum and the city forum. Able to host and sponsor the monthly newsletter to get visibility. Our businesses are very local, but this would be a great forum for a regional or multistate forum.
Wow. Just checked to see where we are listed on a (Bing) search and we are on the first page. This is coming from joining "Alignable". This must have a very strong SEO presence. Some how they have us listed on every page in a Google Search.
Our google presence from our website is now on Page 4. Believe this is up from page 7. Both our website and some blogs are starting to show up.
Moved up to 7 versus 10 spot on the Google Map. Also our ad shows first on the google map.
YouTube videos have not started to show. Will have to focus on them more.
The internet is not my area of expertise. So the above might not be communicated as thoroughly or informatively as possible.
#2 Commercial Real Estate Investing ContributorPosted 17 June 2020, 12:57 PM@Mid, let me see if these upload very well. Getting back to your Lead generation question. Again, keep in mind, I have never cared about the internet on our other locations. This is our first venture into internet marketing and using an SEO firm.
Below are copies of the latest month Google analytics report with our SEO. Can't get them to show portrait. Sorry for the crick in your neck.
This is after two full months, with no/little internet presence before.
Again, my major objectives are:
a. Google Map placement on their listing of locatons next to the map. We are now 10 out of 17 for our town, starting from zero 2 months ago., Hopefully top 6 to 8 next month, and then the top 4 showing on the front page after that.
b. Youtube placement. We are not showing yet. But on your Google search page at the bottom where it says "Other places people searched" we are number 1 or 2.
So Google is starting to recognize us after 2 months and we're moving forward.
Report below: Traffic channels by session; Source/Medium; New vs returning visitors.
Key- New visitor sessions is high and gaining which will push Google ranking. Bounce rate and Session durations are very good. I will let you google those. Some may look bad, but for their "source" they're good.
Next report: Google My Business: Customer Actions and Search/Map views
Key: Google ad calls at 19 was good relative to last month. Total of 1,393 views is a significant pickup from last month and more importantly the Map views.
@Mid Lead generation was your basic question:
a. Road sign, not in place but it will be the best and cheapest as mentioned above.
b. Right now Sparefoot is by far. They have a strong SEO system. There is one new competitor who is very small and are new to the business. They joined Storedge, part of Sparefoot, and they are listed on the first page due to Storedge and Sparefoot SEO power.
c. Again, my goal is not to compete on Website listing, but on Google Map listing and Youtubes as discussed above. My SEO still thinks our website will be on the front page in 6 months. Versus page 7 now.
Actions after discussing with SEO:
a. Let Google ranking keep cooking.
b. Do more renter specific blogs. Doing one on RV/Vehicle parking for tenants. Website visits will improve Google ranking. ***deleted web link****
c. Google Reviews- only had 1. Was primarily working on Sparefoot reviews which help on Sparefoot, but not on Google. Sent requests out. Hopefully get this number up real quick. Again, this will impact Google Ranking.
d. @GM Stacie mentioned Facebook above. Have enough traction on Google now, going to start with $200 of Facebook regeneration ads. If you search during the day for storage and ran across us. Later that night when you check Facebook out our website will pop up. Have Zero "likes" or "follows" on my storage facebook account, which we have not used. You have to have at a minimum 26, for Facebook to allow the ad. Will shoot for 50 today and send the link out to our website and ask for "Likes" and "Follows" to customers and friends. ***deleted web link***
e. Got one lead from Craigslist after a month. Will try it again.
f. Chamber of Commerce. I will send out a member to member Coupon listing. About 15,000 members in total. Should either get someone interested in the coupon or visiting the site to check us out. Again, impacting Google Ranking.
If your a technical person on Google Analytics please add comments. Please communicate data is all relative and we are in month 2.
Thanks.
#2 Commercial Real Estate Investing ContributorPosted 16 June 2020, 09:56 AMPicture above. I intentionally built at the back of the 8 acre lot, so you don't see any buildings up front. We have 3 phases planned of 230/200/200 roughly. We left the front available in case we switch gear on the last phase of 200. Which we will probably do. A large local group has just purchased some land 2 miles away and plans to build a 430 unit complex. Everything is fair game. However, there are already three large national firms and ourselves here.
Phase 3 along the road will now move to "Contractor Incubator" buildings. I'll do a separate topic on that later.
#2 Commercial Real Estate Investing ContributorPosted 16 June 2020, 09:50 AM@K, thanks for the second set of eyes. We intentionally don't sell products or do Uhaul at all of our locations. All 7 locations we do Self Service unit rentals over the phone. See youtube of approach for our latest location.
***deleted web link******
On the silly idea, its great. We haven't done our grand opening yet. Once we get the Road sign up, we may do a grand opening. Our front 4 lane road lends itself to high traffic. On the silly side we may put out Free Ice Cream or Free Beer (have to see if I need a license) on a Friday from 4 to 530. Plus pass out our Coupon handouts at the same time. ***deleted web link*****
@M let me try again to get our Google Analytics report for the month of May copied so we can discuss lead generation. The Road sign will be by far the cheapest and the highest generating avenue once we have up.