Before making any decision, I would get a customized property evaluation by a local Realtor to determine the value of the property on both sides of the spectrum; sale OR rental. 

To look at it from the other side, as a private money lender in my local market I need someone to find me the deals.

But again review with a local attorney! 

@Luke Spencer I am not on the management side but I can tell you it took 2+ years to fill 300 units at one of our facilities and the other just hit 300 units in 12/13 months so it really depends on the demographics, and local housing market trend, the more people moving in and out the higher the demand for storage.I think if you're looking at a saturated market then the upfront cash to turn the warehouse into self storage is not a good idea but then again, maybe those operators are on back roads ( low visibility ) and don't push google ads well.

What's the zoning on the property and do you have a relationship or contact with the local rep? 

I'm a local Denver agent primarily, but I'm familiar with some of the challenges up in the mountains because no deals make sense running the quick math. 

I’ll obviously contact a local attorney but any advice or suggestions would be helpful.  

Are you considering expanding locally or branching out to other areas?

Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area.

Running numbers, networking, and talking to local investors will boost your confidence when it’s time to pull the trigger.