Storage Authority Express
Storage Authority Express is an alternative to building or buying the traditional average single facility of 60,000 +_ net rentable square feet. The goal is to reach the same square footage by purchasing 2 – 4 existing small self-storage facilities, 15,000 to 30,000 sf each. Buying Small existing buildings to convert to a self-storage may also be suitable for the Storage Authority Express.
The key is to evaluate the facility to confirm you will make a suitable profit. And we are ready to help you evaluate each site using our existing facility checklist and P & L projection guidelines
The Storage Authority Express has pros and cons including:
May be able to buy at less than the replacement cost.
May have an opportunity for owner financing.
May have the opportunity for added value rent & insurance increases
Provides an alternate option to the 60,000net rentable sf single-story, ground up development.
May provide an opportunity to employ your cash in a time of high-interest rates and high construction costs.
Can be less time before profits start, ie no construction and less money spent on carrying costs.
Typically can be managed with a kiosk
Must be very diligent and do more work on your own to ensure you do not have 4 times the start-up cost.
Must be very diligent to review the quality of the physical structure and prepare realistic site improvement costs.
Must be very diligent in reviewing and confirmation of the income and expense provided by the buyers.
Can’t assume you can increase rental rates and other potential income. A detailed written plan on how you would increase the rental rates.
Storage Authority has additional development options based on your needs. They include: buying a large facility, ground-up single storage, ground-up single and multi-story on the same site, conversions and single-phase and multi-phase construction options.
Get more information on Storage Authority Franchise at www.storageauthorityfranchise.com/opportunity3
Marc Goodin is the President of Storage Authority Franchising. www.StorageAuthorityFranchise.com He owns 3 self-storages he designed, built, and manages. He has been helping others in the self-storage industry for over 25 years. He can be reached at marc@StorageAuthority.com or directly at 860-830-6764 to answer your franchising, development, marketing, sales, and operations questions. His best selling self storage books are available on Amazon.