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SELF STORAGE EXPERTS
Feasibility Studies
Site Review: $500
Before you invest in a feasibility study, let us review your site.
Our site review offers an initial assessment to gauge project viability before a feasibility study, helping to avoid wasted time and resources. Transparency is key in this process, and if a site or its concepts are deemed unfavorable, we will let you know upfront! For $500, you’ll receive professional analysis—and that fee is credited toward your full or limited study if you move forward within 30 days.
Note: This Site Review is intended for traditional self-storage development projects only and does not apply to RV/boat storage or other specialty storage uses.
Feasibility Study
Self-Storage Cost - $8,500 | RV/Boat Storage Cost - $10,000 (Plus Travel If Required)
A storage study is the cornerstone for developers venturing into self-storage solutions. Our storage facility feasibility analysis offers industry-leading insights for serious investors and lenders.
A professionally conducted self-storage feasibility study offers a roadmap for successful project execution and provides site-specific and market-based recommendations tailored to self-storage developers' unique needs. By utilizing the data and insights derived from this thorough business feasibility report, developers can mitigate risks, identify growth opportunities, and position their projects for long-term success in the competitive self-storage industry.
As the very first step in the development process, the adoption of a feasibility evaluation serves as a vital tool for those looking to break into the self-storage industry. A study report includes:
- In-depth Competitor and Market Feasibility Analysis; Supply & Demand model
- Site Assessment with unit mix and phasing recommendations
- Complete financial analysis including development cost, operations budget, cash flow proforma & sensitivity analysis
- Site-specific and Market-based Recommendations
Limited Feasibility Study
Self-Storage Cost- $5,500 | RV/Boat Storage Cost- $6,000
The limited study does not stand as the initial step in the feasibility process. Rather, it is an “Executive Summary” documentation encompassing a remote survey of local competitors, a supply and Demand estimate, and a concise Summary Investment pro forma. Although this is valuable feasibility report information, this project feasibility report might prove insufficient in both scope and data richness, potentially falling short of meeting the expectations of discerning investors or lenders.
The limited feasibility study is best suited for smaller projects (typically under 30,000 square feet), rural or low-population-density areas, or markets with minimal existing competition. It provides a cost-effective overview of market potential but is intentionally limited in depth and comprehensiveness. This study is not recommended for competitive markets with multiple established operators or for developers pursuing larger-scale projects, where a full feasibility study is necessary for reliable decision-making. In practice, we recommend the limited study for roughly 20% of projects, where a focused, high-level analysis is sufficient to guide early development considerations.
Acquisition Due Diligence
Average Cost- $9,500 (Plus Travel If Required)
The Acquisition Due Diligence Investment Report serves as a comprehensive tool for evaluating the potential acquisition of a self-storage facility. The evaluation criteria include a market analysis for the area, the financial health of the facility, and operational efficiency. The report demonstrates the facility's upside potential as well as any downside risks that may exist. Furthermore, it offers recommendations for potential repairs, expansions, or adjustments to the management approach to maximize the facility's profitability and long-term success. This report is an essential part of a strategic plan to provide a clear understanding of the risks and opportunities associated with the purchase, allowing investors to make informed decisions.
What is a feasibility study?
The self-storage industry is currently experiencing a significant boom, offering a promising high return on investment for investors. Despite its potential profitability, diving into the self-storage sector without adequate knowledge can be risky. The self-storage industry is characterized by its unique dynamics and complexities, making it crucial for investors, particularly newcomers, to conduct thorough research before making any investment decisions. This is where a self-storage market feasibility study proves to be useful and when paired with our experience, invaluable.
A self-storage feasibility study serves as a comprehensive guide for individuals looking to invest in or build a self-storage facility. By conducting a feasibility analysis, investors can gain insights into various aspects of the study area, such as determining the types of units in demand by customers, evaluating competitive positioning, and forecasting both expenses and net operating income. Through a feasibility report, investors can make informed decisions based on concrete data rather than relying on guesswork, thus minimizing risks and increasing the chances of a successful project in the self-storage industry. A storage study will help you answer the following questions:
- WHAT IS THE DEMAND FOR SELF STORAGE IN MY MARKET?
- WHAT LEVEL OF INVESTMENT RETURN CAN I EXPECT?
- ARE THERE OTHER NEW COMPETITORS ENTERING THIS MARKET?
- HOW MUCH WILL IT COST?
- HOW LONG WILL IT TAKE TO LEASE UP?
- CAN I CHARGE A HIGHER RATE IN MY MARKET?
- HOW STRONG ARE MY COMPETITORS, AND WHAT ARE THEIR WEAKNESSES?
- WHAT UNIT MIX SHOULD I USE?
- WHAT BUSINESS MODEL SHOULD I USE TO MAXIMIZE MY INVESTMENT?
- WHAT IS THE MOST EFFECTIVE MARKETING STRATEGY FOR MY SITE?
- HOW MUCH CLIMATE CONTROL WILL MY MARKET ABSORB?
- SHOULD I CONSIDER PHASING MY PROJECT? HOW?