SELF STORAGE EXPERTS

A market for a self-storage facility encompasses a three- to five-mile radius. This specific geographic area serves as the core target market for such facilities. A feasibility analysis for a self-storage project must encompass detailed business and demographic information for this defined region to accurately evaluate the venture's potential success and sustainability.

In analyzing the business aspects of the market, factors such as the demand for storage units, existing competition, pricing strategies, and potential profitability margins must be carefully assessed. Understanding the demographic composition within the designated radius is equally crucial. This includes studying population density, household income levels, housing trends, and lifestyle characteristics of the local community to pinpoint the target customer base and tailor marketing strategies accordingly.

A feasibility analysis plays a crucial role in evaluating the viability of a storage project, ensuring informed decision-making. This study involves a comprehensive analysis of various factors to determine the potential benefits, costs, and risks associated with the project. A comprehensive analysis includes the following elements:

• Market Analysis: This pivotal component offers insights into operational feasibility and delves into various facets of the targeted market to gauge the demand for self-storage services, assess the existing supply of storage units, and scrutinize the competitive landscape. The market analysis will also factor in demographic and economic variables that may impact the self-storage facility’s success.
• Site Selection: This site selection element involves meticulously evaluating potential sites to ascertain their viability for storage facility construction. A comprehensive array of factors is evaluated, such as compliance with zoning regulations, the facility's accessibility to key transportation routes, its proximity to residential and commercial zones, and the availability of crucial utilities.
• Financial Feasibility Analysis: This element provides valuable insights into a project's financial feasibility and potential profitability. These projections offer a detailed breakdown of the capital costs required for the storage facility's construction, ongoing operating expenses, and expected revenue that can be generated.
• Risk Assessment: This component offers an analysis of the potential risks and uncertainties that could hinder the project's success. These risks range from unforeseen shifts in the market conditions to intense competition from other self-storage facilities, whether established ones or new entrants in the market. Additionally, regulatory changes are also a key factor to consider, as they could impact the facility's operations and profitability, requiring thorough assessment and proactive management strategies.

As an operational and financial feasibility study, the information from a detailed analysis serves as a comprehensive evaluation of a potential project's economic, technical, legal, and operational aspects. By conducting a feasibility study, investors can gain valuable insights into the viability and potential risks associated with the investment, helping them make informed decisions. A storage study can provide actual estimates of projected expenses and costs for an initial business plan, help investors get a realistic picture of local competition, offer insights into market trends, and provide credibility and documentation for loans and other official purposes. A solid feasibility study for your self-storage business is invaluable.

Our full and limited feasibility studies typically take between 2 and 3 weeks to complete. The timeline begins once we receive a signed contract and payment to get the project underway. Full feasibility studies require a $6,000 retainer to begin, with the remaining balance due upon completion. Limited feasibility studies are paid in full before work begins.

To request a proposal for a feasibility study, all we need to know is the address of your site.

Once you engage our services, we'll ask you to provide any pertinent site information you have available, such as plats, surveys, site plans, or other property information. If you've already started working on a unit mix, have preliminary development plans, or have received construction cost estimates, we'll take those into consideration as we complete the analysis.

Don't have all of this information yet? That's okay. We can work with what you have and let you know if we need anything else as the study progresses.

Yes. We can evaluate an existing self-storage facility in a couple of different situations.

If you own an existing facility and are considering an expansion, we can complete a traditional full feasibility study to evaluate the market, competition, demand, and potential for additional storage at the property.

If you are considering acquiring an existing facility, we offer a specialized Acquisition Due Diligence Study designed to evaluate the property's market position, competitive environment, operating performance, and future potential as part of the acquisition process. Learn more about the Acquisition Due Diligence Study.

If you're not sure which type of study is right for your situation, we're happy to discuss the property and help determine the appropriate approach.

Yes. Our feasibility studies are site-specific and are based on the characteristics of the property and the surrounding market, typically focusing on the three- to five-mile submarket around the site.

You do not need to already own the property. We regularly complete feasibility studies for sites that are under contract, being considered for purchase, or otherwise being evaluated for development.

If you are still looking for a site and don't have a specific property identified yet, our GIS Analysis service can help identify potential areas and sites that may be suitable for self-storage development.