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Found a location, now what?

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  • Found a location, now what?

    Good afternoon all,

    I've been reading a ton on this site over the last few months and have learned a lot. Thanks!

    I've been in the real estate industry for about 10 years, albeit on the finance side. I've been a lender on a number of self-storage deals (acquisitions and refinancings) but I'm pretty green when it comes to development. That said, I have the opportunity to acquire a piece of land in NJ (where I'm from) which I've determined to be an excellent location for a facility. I have a relationship with the seller, and will likely be able to acquire the property in an off-market deal. I've also had very preliminary discussions with the town as the property is not currently zoned for self-storage. While I try to figure out the right price to offer (which will be contingent on receiving the OK from the town), much of this depends on what size facility I can build, the right unit mix, etc. Need some help or recommendations for a solid consulting firm to help me determine the right size, whether I should consider building in phases, and most importantly, if they confirm my hunch that this is, in fact, a good location for a self-storage facility. Any help would be greatly appreciated!

  • #2
    Welcome to the forum samstorage, I see you have been a "lurker. Someone here will be able to point you in the right direction.
    "Never let the inmates run the asylum!"

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    • #3
      Hello Sam,

      I would recommend that your next step would be to get a Professional Feasibility Study done for the site you have chosen. Find out if more storage is even needed in that area. Then a Site Plan to see what will fit.

      See http://www.ministorageoutlet.com/siteplanning.html for more info on Site Planning.


      Steve

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      • #4
        For feasibility check out Jay Graham of Self Storage Advisors - www.storageadvisors.com

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