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IF YOU BUILD IT, WILL THEY COME?
A Box Pro self storage feasibility study is more than a thumbs-up or thumbs-down—it is a strategic plan that helps make the most of your investment.
Expert
Insight
What We Do
As self storage consultants, we can address just about any specific question you have on your potential project. Common studies/services include:
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Self Storage Feasibility Studies: This is the most exhaustive study offered, covering everything from market conditions, site factors, financial projections, and more (see below).
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RV/Boat Storage Feasibility Studies: We will determine market demand for RV/Boat Storage in your market and make recommendations for sizing, amenities, and more.
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Self Storage Unit Mix Recommendation: We'll analyze market factors, demographics, and competitors to make a market-driven unit mix recommendation optimized for your site.
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Self Storage Market Identification: If you don't have a site picked out, we can help identify markets or pockets within markets that are most ripe for new self storage development.
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Self Storage Demand Studies: By analyzing existing and incoming self storage projects and demographic trends, we can assess what the self storage demand is in a given market and determine whether the market is over or undersupplied.
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Self Storage Competitor Analysis: We can analyze competitors in the market and assess rates, specials, amenities, and other facility features to help structure your self storage development plan.
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And more: Have a specific or unique issue you need help with? Let's chat.
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:
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Is my primary market over or undersupplied?
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Is there enough demand to support my project?
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What is the ideal unit mix for my property/market?
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Should I build climate-controlled units?
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What lease-up period should I expect?
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What are the market rates for my property?
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What will my operating expenses be?
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What are typical construction costs for my project?
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What return of investment (ROI) should I expect?
Why do I need a feasibility study?
There are a number of reasons why someone may seek a self storage feasibility study.
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I need project support for financing purposes.
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I want to see if it's worth expanding an existing facility.
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I am pursuing my first self storage project and need help getting started.
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I already own land and want to see if self-storage is a good fit for it.
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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 $7,500 and usually takes about 1-2 weeks to complete.
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An abbreviated market study costs $2,500 and usually takes 5-7 days.
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Not sure what market to invest in? We also offer market identification studies.
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Other stand-alone customized studies are available as well.
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What do you need from me to get started?Once you've signed the project and made the deposit, send us the property address and any drawings or additional info (if available) and we'll get started.
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Why do I need a feasibility study?A feasibility study will help you determine if your contemplated project will produce adequate investment returns, and make suggestions to maximize profitability. Our studies are often used for obtaining construction financing as well.
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Do you also do feasibility studies for RV/boat parking facilities?Yes! We do feasibility studies for both self storage and RV/boat parking.
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Do you ever get things wrong?YES! The purpose of a feasibility study is to eliminate as many 'unknowns' as possible when analyzing your deal. To do this, we rely on our extensive industry knowledge combined with all the current market data we can gather. While we believe we do a pretty darn good job, we don't have a crystal ball!
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Can I use your feasibility study for financing?In most cases, yes. If you have a lender, check with them first to make sure Box Pro is on their approved vendor list (if applicable).
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Do you track new facilities being built in my market?We do our best to account for any new projects that are either planned or under construction in a given market. To do this, we rely on various market analysis programs that track new development and do our best to get in touch with the local economic development, zoning and/or building departments. Even though we try our best, sometimes projects still slip through the cracks.
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What is included in a feasibility study?A Box Pro feasibility study is a ~100 page document that includes a site analysis, demographic analysis, supply/demand calculation, competitor analysis, rental rate analysis, unit mix recommendation, preliminary development budget, full financial analysis, and management/development recommendations.
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Will you do a site visit?For a $2,000 fee, we will visit your site and tour the competitors.
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How long does a feasibility study take?1-2 weeks if done remotely. 2-4 weeks if a site visit is needed.
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What if my project is not feasible?As we begin your study, we will conduct a red flag analysis to eliminate potential deal killers. This includes issues pertaining to supply, zoning, wetlands, rental rates, and other considerations. If one of these items catches our eye, we will pause the study and let you know. If you choose to cancel the study, we'll bill you for work completed to date and cancel the engagement.
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How much does a feasibility study cost?A remote study costs $5,500. With a site visit, the study costs $7,500.
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What is included in a market identification study?The 5-10 top recommended markets/submarkets/pockets ripe for self storage development in your designated area.
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How much do market identification studies cost?Depending on the size of your target area, $2,000 - $5,000.
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Can you help me figure out where to invest?Yes! We also conduct market identification studies help to identify top markets/submarkets ripe for self storage development within your designated area.
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How do you determine the best markets for development?We rank markets based on a combination of supply, rental rates, population, population growth, household income, share of renters, rate affordability, and median property value, among other items.
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How broad are your Market Identification Studies?As broad as you like. The more defined the target area, the more granular our analysis.
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Do you offer any smaller/cheaper studies?We offer Abbreviated Market Studies which include a supply/demand analysis, demographic analysis, competitor analysis, and rental rate analysis. It costs $2,500 and usually takes 5-7 business days.
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What are Box Pro's qualifications?Box Pro is led by principal, Derek Walker, who has developed and managed more than 17,000 rentable storage units across 7 states since 2010. Additionally, he has consulted on hundreds of developments including self storage, RV/boat parking, hotel, retail, multifamily, mixed use, and other large-scale revitalization projects for both public and private clients. He has a Bachelors in Economics from the University of Utah and a Masters in Real Estate Development from New York University.
Why
Us
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.
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He has a BA degree in Economics from the University of Utah and an MS in Real Estate Development from New York University.
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See Derek's Market Insights for more.