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Building Self Storage - The "Cost" Question...

  
  
  
  
  
  

Over the last 11 years, I've had the opportunity to talk with several hundred "would-be developers" about the process of developing a self storage project.  The first and most important question is always, "How much does it cost to build Self Storage?"

It's a great question, but due to the changes that have taken place over the last decade with both design and demand, and zoning restrictions, it's tough to answer without having first asked a few other great questions.

Self Storage Construction typically follows a fairly linear path.  Locate a property, complete a market analysis, create a construction budget and ROI, purchase, entitle the property, pull building permits, build.

It seems so simple.  

While Self Storage Construction remains one of the most straightforward types of commercial development.  It is also a niche market, and one that does not have the attention or necessarily the support of the vast majority of the officials you will meet on your way to pulling permits. 

There are two drivers in the early stages of planning that will dictate how much it costs to build self storage.  The first is cost vs. demand and propensity to rent and the second being the cost associated with getting site plan approval and permits and the steps the city / planning agencies will make you take to acheive that (i.e. aesthetics, landscaping, off-site improvement, etc.)  A few questions to ask yourself:  Is your property in a market that supports Multi-Story or Climate Control?  Is it a market where demand for single story drive up units is more prevelant?  Is the property a "use by right" ?  Is Self Storage an acceptable use for the parcel?  

Answering the Single Story vs. Multi-Story Question is the first step in setting adequate budgets for Self Storage Construction.  While costs for Single Story construction typically range from $25-$40 psf, Multi-Story projects have a larger variable and can range from $42 psf to as much as $70 psf.  Land costs, Site Approval, The degree of Architectural involvement, construction material costs, Site Improvement costs, are all variables that can impact a Construction project. 

It starts to become pretty clear, that while there are no cut and dry answers to the "cost" question - there are a few clear paths to follow to find the answers.

Self Storage Construction is not Rocket Science.  It is, as mentioned, a niche product. Fortunately for the novice, there is a deep pool of experts that can help you at any stage of your development.  If you are new to the development process, my advice would be to utilize those resources. The Self Storage Industry boasts some of the friendliest and knowledgeable people I've encountered.  After more than a decade in the industry, I've learned many things about Self Storage.  Aside from it being a great investment if developed correctly, I've also learned that becoming part of this industry puts you in very good company.  

 

-Angie M. Guerin, National Sales Manager - Mako Steel Inc. (800) 383-4932

 

 P.S.  In the "spirit" of such a friendly industry, we too, would love to answer any questions you might have about Self Storage Development or Construction.  Please call us anytime to discuss (800) 383-4932.

 contact-us-with-your-questions

Comments

I am interested in building Mini Storage units . I already own the property, about .50 acre. The property is zoned for mini storage. I also own 2.5 acrea next store part of which could be used for mini storage. Would you like to work on this projsct. Thank you Pete Corcoran
Posted @ Sunday, February 17, 2013 11:12 PM by Peter A. Corcoran
I want to build a storage unit business need quote
Posted @ Saturday, February 23, 2013 7:41 AM by David Wheeler
Want a price on fifty unit self storage building with out concrete slab.
Posted @ Sunday, March 31, 2013 11:03 PM by Mary Dean
I'm interested in building a mini storage unit and would like a estimate?
Posted @ Wednesday, October 23, 2013 8:09 PM by John Baker
i own about 1/2 acre on which i would like to erect 8 five foot units and 6 ten foot units. ( 4 five foot units and 3 ten foot units in line and back to back with similar sized units. i will take care of the driveway and concrete pad. what would the cost be for the buildings, assembled and assembled. thanks for your help.
Posted @ Thursday, January 02, 2014 3:20 PM by fred
I would like an estimate to build 100 units and also boat/rv covered area with concrete slabs on all buildings?i will be adding gravel to the driveways myself
Posted @ Friday, January 10, 2014 5:06 AM by Brannon G.
Looking to build on property already owned. It is zoned for storage. It would only be about 30, 10x10 units and 10 or 15, 10x20 units. All would be drive up units. Just inquiring about a rough cost of project.
Posted @ Saturday, February 01, 2014 4:13 PM by Curtis Vasquez
I am preparing a feasibility study/business plan for a possible build in Ouachita Parish Louisiana. Under consideration is a build of 220 feet by 40 feet by 12 foot outside dimentions. Included in the overall 220 foot build is a "A" unit and a "B" unit. The "A" unit is a 20foot wide by 40 foot deep space and should be suitable for office use and have HVAC, 110VAC and plumbing for a washroom with washbasins and separate toilets for male/female in separate sections. The "B" unit is 20 foot wide x 40 foot deep and should be fitted/suitable for shop/warehouse use. The "B" unit should have 110/220VAC with one washroom with toilet/washbasin. The "A" unit should be insulated for sound abeyance. The remaining units need only lighting. The remaining units should be 25 to 30% of the 20 by 40 foot capacity with the remainder being 10 foot by 10 foot and 5 foot by 10foot variety.
Posted @ Saturday, April 12, 2014 4:16 PM by Tony
plan to add three 20'x50' buildings to existing facility. Total 20 10'x10' and 20 5'x10'
Posted @ Friday, July 04, 2014 1:30 PM by tom lawhorne
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