It depends on the size of the storage unit, your market, and the demand for storage space.

I tried to explain to them that the space heaters are unsafe, and that there is excellent, and cheaper to use, gas heat. 

Also, there are usually more requirements sucks as parking, open space, green space, FAR (floor area ratio) and much more.

Is anyone investing in REITs that operate in the digital infrastructure space (cell phone towers, fiber optic networks, server farms, etc).

For instance, convert a garage into a master suite that would be your bdrm and rent out a bedroom or two or three at the other end of the house with the common space in between.   

I'd imagine its different pricing because they are sharing a common space with others. 

I do know people who live there, mostly homeowners, and enjoy having the space and the feel of a more rural area.

Even in the commercial space, lenders tend to be more conservative than investors.

Low capital investment, simple conversion to "add" 4th bedroom, multi-family zoned lot, 150ft to light rail transit, across street from open space How did you find this deal and how did you negotiate it?

Spent ~50,000 to add a more functional bathroom and full kitchen to convert the space to a more residential layout.