Thread: are any of you in miniwarehouse/self storage biz

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I would like to talk to someone who rents out storage space. I have a small shop I work in and need more storage space. I was thinking of putting up a building larger than I need and rent out extra space,I'm wondering if it is worth the extra expense and hassle. I'm located in a good spot with correct zoning,good visibility from major highway,most of the storage units in my area are 90+ percent full.

Originally Posted by DennyW

Well there you go...90% plus full. That tells the story right there. If you compete on the rates, you should have 100% after awhile. Is the working force doing ok there, as far as people being able to keep up on their payments ?

The economy is more stable here in wisconsin,we dont get the big swings in property value like some other parts of the country,slow stable growth is how I would describe my area. My shop is located in a small town,3 taverns,post office,my shop,4 houses,surrounded by farmland,a city of 50,000 people is 5 miles away,growing in my direction,subdivisions popping up all around me,with nice brand new houses,I feel my little town will be absorbed by the big city within 10 years,maybe sooner. My area has become the uppity-yuppie area to build(I am becoming the "wrong element" in my area)however,these people own toys and can afford pay storage fees.

Originally Posted by rabid rat

My shop is located in a small town,3 taverns,post office,my shop,4 houses,surrounded by farmland,a city of 50,000 people is 5 miles away,growing in my direction,subdivisions popping up all around me,with nice brand new houses,I feel my little town will be absorbed by the big city within 10 years,maybe sooner. My area has become the uppity-yuppie area to build(I am becoming the "wrong element" in my area)however,these people own toys and can afford pay storage fees.

And just down the road from Iola, The best auto swap meet there is!!!!!!!!!!!
It use to take 2 days to see the whole swap area. You want it, it's there.
Oh, Ya, a car show that I have never walked, I've walked by it, but we're there for the swap meet. We look at it while eating at the corn on the cob place.
They had a model T there completely apart, in an hour they drive it away.

Pat

Originally Posted by HemiTCoupe

And just down the road from Iola, The best auto swap meet there is!!!!!!!!!!!
It use to take 2 days to see the whole swap area. You want it, it's there.
Oh, Ya, a car show that I have never walked, I've walked by it, but we're there for the swap meet. We look at it while eating at the corn on the cob place.
They had a model T there completely apart, in an hour they drive it away.

Pat

thats right I'm 15 min. from Iola,every year I have a mini swap meet in front of my shop on the main road to Iola,highway 10 ,Custer,WI you must have seen my stuff if you drove to Iola,next to big hill 5 miles from Stevens Point

A guy I met through a friend has a large storage area about 35 mile from me & is bascily out in the middle of nowhere yet 85-90% of his units are full. Some are so tall you can park a semi truck & large RV's inside of it. Something else he did was at the end of one of the units he took basicly 3 units & is building a house for himself. From the road it looks like storage units but once you walk inside you see a house...joe

Depends on your age, if your young or at least younger then me, I would consider buying up all of the property in the area you are describing, hold it until the land goes up. Then sell everything move to an area of people that's into what you are into {hot rodding} and build all you want. I moved to the country on 43 acres, but at my age and health I cannot do what I would like to do. Upside at least I don’t have bad neighbors; I don’t have any close enough to bother me. If I had people into cars close by it would be ok. I wish I would have been able to make this move years ago but the grandkids say they will take it when the wife and I are gone.

Richard

I'm 52 years old,if the property value goes up alot(and property taxes) during the next ten years I would have to sell it and buy a place farther away from civilization to retire and play with a couple cars to keep busy. My comercial lot is about .8 acre,30x40 shop,small house that needs to be gutted,needs everything replaced, windows,doors,wiring,plumbing,furnace,insulation,drywall,ect.(built 80 years ago) I would hate to put all that work into the house and then sell and start all over