Storage Unit Business Plan
Location, design, zoning restrictions, site improvements needed, etc., will all impact the costs to build your self-storage facility.
A better question might be, “How much do I need to invest and what research do I need to do in order to ensure profitability in a new self-storage business?
Depending on the location, self-storage projects can generate the same income per square foot as medium priced apartment properties in the same market area.
Prices paid for self-storage units reflect this strong market demand. Within these time spans, the growth, for projection purposes, will be assumed to be straight line, i.e.
A unit can be a box or a locker, containers or rooms, or even an empty lot.
The amount of construction of new storage unit facilities is on the low side which means there is room for new players to enter the market.
To give you even ballpark costs, we will need to know if you are planning to build a single story or a multi-story facility.
Costs for Single Story Self Storage Construction typically ranges between - per square foot – not including land or site improvement costs.
Multi-Story Self Storage Building Costs have more variables and can range from $42 per square foot to as much as $70 per square foot.