All Forum Posts by: Jay H.

Probably better answered by someone with experience in New York.

What is the vacancy rate with the competition? How many square feet of existing and proposed self-storage already exists? How does that compare to the number of residential units in the area? I believe a good rule of thumb is below 6-7 (?) square feet of storage per residential unit is a good gauge of the need. 

Here is an analysis I had put together for a site within the last 90 days. 

What kind of development? What's the zoning, density..etc

I have learned a lot since Dollar Tree. Mostly, I learned that quality control is non-existent with most GC's. I personally spent way to much time inspecting projects on a daily basis. This drove me to obtain my General Contractors license. Our philosophy was simple, why pay a GC when I can't rely on them to deliver a flawless project. As we progressed and proved ourselves in investor circles, we were able to attract new money into the capital stack for each project and go from straight 50/50 splits with investors to a 10% on actual cash plus15% kicker on profit FIFO. 

Really sorry for the delays in finishing this post. I wish I had more time and/or someone that could follow me around with a gift for the written word. I am a terrible writer but have a ton to say about this experience. Since my last post, we finished the subject project and added a Taco Bell. Next, we applied the same process to identify and develop a Bojangles location on Park Avenue, then an O'Reilly Auto Parts and Taco Bell in Crawfordville Florida, then a turnkey development/construction management for a 10,950 sqft Funeral Home in Tallahassee, then another Bojangles on Hwy 27 in Tallahassee. Currently, we are working on our first development north of Tallahassee in Georiga and a large 13-acre assembly of properties in Tallahassee that will include senior living. 

It should also be said, the right broker, can worth many times their cost. I have a brokers license BUT am a developer. I stick to what I do best and engage the most successful brokers to lease/sell my developments.  

Prepare yourself for a really frustrating courtship with most franchise/credit tenants. They get thousands of calls and emails from prospective developers/landlords/Reps. Be persistent, but respectful. You will at some point want to dig your eyes out with a spoon. 

Did/Does the property come with a CON (Certificate of Need)?