All Forum Posts by: Stephen Lyons

I am completed with the list for now. Other objectives are not prioritized yet. But making the 12,000 into 4 3,000 bays is another to-do. I can add divider after they sign a lease so if someone wants 6,000 they got it. One of the more expensive and final improvements would be the additional storage after the pond is filled. Probably warehouse work first. New phones just came so we can have voicemail and reliable phone line again! 

 Edit: Yes I got more information than I can process for now! Just getting to work with the list to keep me focused. Thanks again for the invaluable knowledge! 

1) Fix phone service (new issue I was not aware of until yesterday). Brand new phones with internet based service keeping existing numbers. Products arrive next week.

2) Choosing between 2 web services and migrating customers into database this weekend after purchasing Friday. 

2.5) New sign for property, storm took out the sign recently. 

3) Come up with more streamlined process to remove perceived abandoned units over this coming weekend. 

4) Migrate to credit card auto pay, remove customers who can not. Than start raising prices by unit size. All available units than advertised on website automatically. Repair doors that are hard to open as clean outs are performed.  

5) Have meeting with county for feasibility of pond removal. Have already spoke with some environmental and storm water engineers. Seems pond can be removed but the exact process is complex and working on setting up a meeting with all departments so I know the exact process.  

6) Clean up roof tiles and move some vehicle parking from warehouse to that location. Someone interested in tiles for bulk pricing. Not much but they will remove them. 

7) 2,500 sq/ft of already subdivided warehouse. Clean and advertise on loopnet. Has a door and wall divider already. 

8) Fill in main large pond. 

I am taking action, sorry for the late response. I think if i get to the point where we are at 90% occupancy with the higher rates and with the pond filled in than I can start working more on adding more storage. I created some sketches and can go from about 16,000 self storage to another 10,500 to get 26,500 total. Can add a 210x30 and a  210x20 unit leaving 30 foot between facing storage units and 25 feet for storage unit facing back of another storage unit that is front side access only. 

Thank you. I will work on feasibility for some of these upgrades. And I would get my commercial license instead if I could but only have experience with residential. No one to sign off with commercial experience.  

Really appreciate all the time you put into these responses. Still processing all the new information but it is really helpful!

4) Maybe I misled you about the office on the property. We have a 4 room office with 2 bathrooms. Want to clean this up a little too. 

Looking to move as much out of that warehouse that we can so we can list contractor bays. What is a reasonable minimum width for the contractor bays. It would be 85 feet deep and 140 wide. So I could have 4 bays 35 feet wide. Seems a little larger than recommended but doing market research now.

7) Current prices are way low: 20 - $109; 15 - $97; 10 - $85. I was thinking $1.00 a square which is about what you said. The units do have new roofs and paint that was not in the latest satellite images. Do not want to raise prices too quick?

11) Have a little over 100 feet between buildings so easily fit a lot of 10x20 but would that be too many of that size? Could be another 8,000 sq ft.

13) Do not see an exit for water in the main pond. Trying to talk to building department now. Always fun. Not sure how much more permeable pavement is? Maybe that could help in eliminating large pond. 

14) Have a lot of work here, starting with research. Not sure what is expected as far as office space or small A/C room for operating out of. Same with water and sewer. And if each bay gets its own meter. That is all on me to learn. 

Anthony Johnson, I like the size suggestion. You can get a lot done in 2500 sq/ft and not pay too much. Someone could always rent 2 next to each other and not have the divider and have 2 bay doors. Not sure about bathrooms or small A/C room for a very basic office space. Can bathroom be shared for all contractor bays or do they each expect 1? 
 

You are saying the exit gets more difficult because of the added value therefore price? And I like the 1,500 range. Would you add bay doors for each and what type of wall separates the bays? As in capable of high shelfing loads or low load separation? 

Certainly needs some cleaning! They are roofing tiles. Typically environmental engineering firm? Civil engineers I suspect. Would they understand the requirement from the county or should I get that spelt out by the building office and than go to the engineers? 

He mostly fills the warehouse with trucks but if we could move those outside some a lot of space could be rented. Thanks again! 

Thanks for taking the time to respond with so much information. We actually do have it for sale with a commercial broker but the offers so far have been about 1/2 of the listing or less. Maybe listed too high but the offers were on a 8% cap rate for current income, and does not account for the 15,000/30,000 square feet being used by his business currently. Been trying to think about all of your input. As far as the idea to live in part of it I have built by own home recently and he is building one now. I have very little debt and he has none. Working on my residential contractors license too! 

1) No fire hydrant on road line of property or fire sprinkler system in the warehouse

2) 2 phase power, have to check service amps (is in an industrial park)

3) Water and sewage is connected to the warehouse for a small non-AC bathroom accessible from the outside (but is not ran to every corner)

4) Property type: industrial, zoning: Light Industrial

5) looks like $8.00 sq/ft in the area 

6) Have to research this some more 

Another aerial image of the warehouse with doors. I think all of the parking circled in red needs to go, thoughts? 

Also for experienced developers anything you think could be done to reduce the retention pond size? 

It is in Daytona Beach actually. 5-10 minutes from I95. 1,000 homes 1 mile radius, 16,000 2 mile radius, 47,000 5 mile radius. 100% occupancy but warehouse is being used for a company my dad runs which he is retiring from in 1 year. Owns 100% with 0 debt. For contractor small bay what modifications would be done?
1) Cheap divider walls or more bay doors? Say divide the unit based on size requested with a minimal size? It is 12,000 sq ft (correction) So split it into 4 3,000 sq/ft for example. 

We have one neighbor that has contractor bays and amazon warehouse behind us.