Looks like the storage condo boom may be in its infancy, according to how little showed up on a Google search. I just tied up my first, a sweet little 20’ x 54’ with 30’ ceiling, heat, bathroom, 600 square foot loft (with 14’ ceiling), grounds security camera and another specific to this unit, DSL, phone, 125-amp 3 phase electric, pressure washing RV-wash station, RV dump station, R-15 in the walls and R-30 in the ceiling, in the industrial zoned heart of Bellingham, WA, where appreciation has been in the low to mid 20% range for 3 years running, and residential condo sales are exploding. The units are renting (at several other completed like-developments) for $.60 a foot or more with more frills included (floor coatings, etc.) Completion date is January 1, 2006. I have one unit reserved for $500 down, which we’ll convert to an ASSIGNABLE purchase and sale in mid-December with a February 1st closing. Of the 36 units availabe, there were three left after mine. They’d been selling at a rate of 2 to 4 per day for the past week after a local radio real estate show did a feature on them.
My plan is to stay in the loop as tightly as possible to see what kind of waiting list develops, what available rental units go for to those who actually close on the 1st (or earlier) (of the 33 that sold, only four were to investors who planned to rent out.) Could be I’ll take a nice assignment fee, or if the $.60 a foot pans out (with storage loft space included) I’ll close and play landlord.
I’ve always dreamed of getting into the storage business. This looks like it may be a good first step in. Any thoughts? Any experience one way or another? Thanks…
Interesting. I have no experience in this, but have always wanted to build and own storage units. I am a condo developer in the DC market. Good luck. I spoke with one of my friends in South Florida and he moved from Atlanta and said that storage units are a way of life for so many people. They keep their seasonal stuff, holiday decorations, etc. in their unit so they don’t junk up the house. I think you have something there.
<<I spoke with one of my friends in South Florida and he moved from Atlanta and said that storage units are a way of life for so many people. They keep their seasonal stuff, holiday decorations, etc. in their unit so they don’t junk up the house.>>
That’s cuz we don’t got basements! The last basement that was dug here in Louisiana is now an indoor swimming pool!
LOL…
Keith
Good Business!
Mitch Chapman
We will break ground on a 112 unit RV storage condo project here in California. The location is in Beaumont, Ca. The last location of affordable land and builder friendly city.
You can view the project at http://www.rvstorage.biz
Your comment are encouraged and welcome.
Thanks
Ted Deits
Wow! Storage condos seem like a great idea. I am curious what is the price on a Storage Condo? Can you give me an idea?
Californiajeff:
If you promise not to hold me to it. We are still in the really early stages of development, so there are many un-answered questions and costs. Since this is a new concept, there is a ton of new ground to overturn.
My best guess is the units will sell for about $80/sq ft, or about…about…$60,000 for a 750 sq. ft. unit, designed for the largest RV with 14’ doors, though they can be used for just about anything else, except running a business from that location. The zoning probably and CCR’s won’t allow for it.
One reason for the hesitation on pricing, with if we have to sprinkler the buildings. If so, add another $15.00 per sq ft.
I hope this helps out. More details at http://www.rvstorage.biz
Regards,
Ted Deits
Yes, it is time to buy Storage Condos. We have begun construction in Central CT on a 68 unit facility on 5.5 acres. Starting at $75,000 a small business or smart investor can have an industrially zoned space near an international airport and a major interstate. Be neighbors with Ford Motor Co. , Honda, and FedEx. Six already sold to an investor that is quickly finding interested tennants. Three more sold for small business use. Still untapped is RV Storage, Boats, Cars, etc. Each unit has a 14’ high overhead door, heat, insulation, pass door, security system, sheet rocked walls, cable and internet connections. Shared use of ADA bathrooms, kitchen, conference area. Now selling at “Pre-Construction Prices” of $80.00 per ft. Expect this to go up in the spring. Expected completion and closings in Phase I around April of 06. Franchising offered.
I am curious, why would you put Cable and Internet connections inside a storage unit? Are people trying to live out of these things?
Jeff,
Cable and internet is there for the business user. You may want broadband access for your comuter. We have one interested pary that sees this as perfect to base her e-bay business.
Internet or Cat 5 connections also good for remote video cameras. Some people may want to view the interior our their space, remotely.
Also regarding the cable. What is wrong with watching Football or Nascar while you and the guys hang around and work on the toys like cars, bikes, boats, etc.
Wess:
Just curious- How is the condo mapping procedure in your area? In California it is a very time consuming process.
Thanks
Ted Deits
BTW…You are on the right track!!!
Eagle Eye Investments is in the process of developing a Storage Condo facility in the City of Wildomar, CA adjacent to Lake Elsinore within 1 mile of 15 Freeway and Lake Elsinore; in the heart of thousands of residential single family and condo developments. Our location in prime, not out in the desert. The site plans are in their final approval stage, just some minor tweaks. It has been a long hard road, but the city has already unanimously approved the project! I look forward to develop several other projects such as this one and wish anyone whom ventures into this type of development the best of luck!
Larry R. Aguilar
Are you reffering to an Office Condo?
Anyone that is building a storage condominium project, can you send me a link to your site. I am creating a list of different types of project around the US on storagecondostore.com .
Thanks,
Lucas N.