What is a feasibility study?
The purpose of a self storage feasibility study is to determine whether your proposed self storage development will be financially successful or not, and make recommendations for increasing the likelihood of success. The feasibility study takes into account site factors, market conditions, industry trends, and much more. The following questions will be addressed:
Is my primary market over or undersupplied?
Is there enough demand to support my project?
What is the ideal unit mix for my property/market?
Should I build climate-controlled units?
What lease-up period should I expect?
What are the market rates for my property?
What will my operating expenses be?
What are typical construction costs for my project?
What return of investment (ROI) should I expect?
And much more...
Why do I need a feasibility study?
There are a number of reasons why someone may seek a self storage feasibility study.
I need project support for financing purposes.
I want to see if it's worth expanding an existing facility.
I am pursuing my first self storage project and need help getting started.
I already own land and want to see if self-storage is a good fit for it.
I want to better understand my competition.
How much do self storage feasibility studies cost?
A typical full self storage feasibility study costs between $5,500 and $7,000 and usually takes about 2-3 weeks to complete.
A stand-alone supply/demand analysis costs around $500 and takes about one week to complete.
Box Pro Advantage
Our feasibility studies dive into project details, market conditions, demographics, industry trends, and much, much more to determine the feasibility of your self storage development and find ways to make it more successful.
Know your market
Your primary market is where the majority of your tenants will come from. Understanding your primary market is critical when you devise your marketing strategy. Our studies will help determine where your primary and secondary markets are.
Maximize your returns
We'll make recommendations for ideal unit mix, facility amenities, staffing, marketing strategy, and more, to maximize your self storage facility's earning potential.
We'll determine whether your primary and secondary markets are over or undersupplied and whether the demand drivers exist to support more storage units.
Modernize your facility
We'll make recommendations for integrating the latest self storage technology including kiosks, camera monitoring, automatic overlocks and more.
Deep Industry Knowledge
Derek Walker has developed more than 20 self storage projects throughout the United States and consulted on many more since 2010.
He has also worked as an economic development consultant where he conducted several feasibility studies across multiple property types, including RV/boat storage, hotel, resort, office, industrial, multifamily, and specialty mixed-use.
He has a BA degree in Economics from the University of Utah and an MS in Real Estate Development from New York University.