If so I would do a feasibility study to see the need and call other local storage facilities and see how crowded they are.

@Christopher Mosher, I agree with @Jonathan Marcus An architect can help you determine what is actually feasible to build.  

Depending on the timing of your sale and the extent of construction you need to do it may or may not be feasible for you.  

Before I go that route I just wanted to get some other suggestions that might be more feasible.

-Hotel Consultants (consulting & valuation) - they will handle feasibility studies, appraisals, & potentially some outside consulting.  

Is it feasible to buy the property at a real low price, and put in the sweat equity to complete the tearing down of the home in order to gain the land value?

It is probably worth an hour or two of his time to see if this is feasible to do in a way that is a win/win.

Also negotiating the purchase price is still feasible as well, that way if there is equity you may be able to secure more money for where you don't have to tap into your reserve.

If the property is in an attorney state such as GA, NY, NJ, TX, etc. then we charge an in-house legal fee of $1500.If you're getting a rehab loan, we'll need to do a feasibility study on your scope of work, which will cost another $650.

Ifaccepted, get the appraisal ordered as soon as feasible.