Storage buildings in small town

I love in a small town. 5000 residents, give or take. There are three storage building centers in town, one large and two small. My folks own land next to the large one and are looking to do something with it. I know my tenants are having a hard tiem finding storage in town, vacancy at the current ones are near zero. Rents are $55 for a 5x10 and $5 for a 10x10 and $105 for a 10x20. No utilities included. I see opportunity here, but the zoning requirements will make me have to put up fencing and a lot of asphalt to get started, the first unit will be half a million bucks or so.

How do I run the numbers on this?


Are you sure it shouldn't be Estrogen Lover as I really feel you love being in the middle of all that Estrogen! Tell your wife and girls I said hi!

Ok, I think if I were you I would take a look at 1031 exchanging that land into a commercial building you could convert into a storage facility as I think your cost’s per unit would be significantly cheaper than the current commercial requirements to develop your land into a storage facility!