It was for storage for gas pumps that weigh about 1200 pounds each.

After the "buy-out" me and my partner owns 95% of the deal.Our typical structure is70-30 (GP-LP) with 6-8% preferred (debt) because our deals have big fat margins, and sometimes, we don't even give up equity just straight debt.I totally agree with you and I am glad that you get it. 

I asked some neighbors about the lot and they said the guy brought the extra buildings (the ones on moving trailers) in for storage.

Garage, Storage, Pushing more utilities to tenants?

While I do see the potential benefit of marketing it to renters as a possible "duplex with separate entrances" or an apartment with extra rec room / storage space, I'm concerned with possible C of O issues.  

Storage costs are also shared across email, G+, Drive, etc too. 

You don't want to start a relationship to learn about storage units and then find out they only invest in single-family homes.3.

I really like that you said it’s a 7 1/2% cap rate is good and I saw the same thing and self storage that they work on a 7 1/2% Cap rate.

I have a friend who's dad did the plan 2 on a premium 500-unit storage site, didn't take a paycheck from it for 15 years and now he live off roughly $70000 a month income from the building with almost no headache and very little Capex.Obviously if the goal is to build generational wealth and grow a portfolio, the strategy would be more aggressive.  

The plans are for a mini storage facility (3 buildings totaling 11,000 Sq ft) along with an 1,800 sq ft retail space.