Are you thinking of getting a self-storage for your business? Well, welcome to the world of fast-growing, diverse, fun, and knit industry. Most first-timers don’t know exactly where they should start if they want to build self-storage units. With several storefronts closing, there are endless opportunities for self-storage investors looking to venture into this business. If you fall in this fold, check out the expert advice below on how to build your own from Canningville Storage Units.
To develop a self-storage unit successfully, you should find the right site, design a good unit mix, and choose a proper layout. Well, it might sound simple at first, but doing this step-by-step is another thing.
This is an essential factor if you want a successful unit. This generally means a highly visible location with good access to major roads. The site should also be in a rapidly growing area with a clear path of progress. You can find such areas by checking out a combination of area demographics, average household income, and population growth data. The site should also have some minimal pre-existing self-storage competition within the first mile.
The property should be large enough to accommodate your planned development as well as access to various utilities such as water, electricity, and sewer. Note that not all land is good for self-storage units. Typically, a one-story building requires between 3 to 5 acres. Multi-story might require 2 acres.
Successful self-storage units are normally a product of the income levels and population. For instance, places with high income typically demand more security and climate control features. Apartment dwellers will go for small units as suburban and commercial-oriented markets will need larger spaces.
Keep in mind that the financial return per square foot directly diminishes with an increase in unit size. Therefore, depending on the market, go for several smaller units and a few bigger units. Ensure that you have a good unit mix to avoid skewing the PSF.
During the layout process, it is good to employ the services of professional engineers with wide experience in designing self-storage units. The goal of this remains to maximize the net income per square foot. The layout is primarily determined by the topography or the land and shape. However, other factors also come into play, including the local zoning rules, storm water rules within the municipality and the need for green buildings.
Professionals will assess the various determining factors before sketching the layout. Assessing the site before the sketch is also important to help in assessing and determining the accessibility of individual units. This will ensure that the units are easily accessible for tenants.
Take Home Point
Building the best self-storage units requires that you find the best site, good design with unit mix and layout that suits the market. Therefore, it is important to begin the entire process by researching and spending enough time with professionals to plan for the entire project.
Still on that, the current market is full of great competition fuelled by expensive land and building costs. There are also additional regulatory burdens, including the climate-control policies. When planning for these units, ensure that you watch for such measures.