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  • unit size breakdown & ratio

    so we have been dealing with loan officers and they all want to know the same thing; "what size units will you have and how much rent do they bring per sq ft?" the answer seems to be a simple one, but it is not! after viewing comps i came up with a number, it was wrong! the only way to get an accurate # is to know exactly how many of each size unit they have and then factor your average, nobody wants to tell me well i have 10-10x10, 12 10x15 etc...so if anyone can help me to come up with a good break down of units and sizes, what seems to be most commonly asked for, which is most profitable ( yes the smaller the unit the higher the cost per sq ft, but balancing that with the likelihood of it being rented vs a larger unit that is lower sq ft cost but stays filled, so which is more profitable? we are working with 2- 40'x200' buildings each having a 5 ft interior hallway. both having at least 1 wall of exterior doors?

  • #2
    You say you viewed comps-what did that entail? My best solution would be to go the, say, closest 3 or 4 websites of self storage near you. Make a spread-sheet of what the common sizes posted are i.e. 5x5, 5x10, 8x10, 10x10 etc. Then as you peruse them, see who has sales specific to size (means that they have alot!) or sizes that are blanked out (meaning they are popular and have none available) and see if there is a correlation like, 'geez, everyone's 10x20's are gone', hmm, maybe you need to add a couple more of those, with the ability to put a wall in to half the size if you needed more 10x10's-that sort of thing. Then you can say, okay, we're putting is 20 5x5's and so on.
    When I had all of my ducks in a row-I realized that most of them were not even mine!

    WA State

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    • #3
      Here is Iowa the local assessing authority has lots of information on their web sites. For my facilities there are even drawings with unit sizes.

      Our units are modular where we can move walls to create different sizes as needed. So my unit sizes have changed from those original drawings.

      I don't move many walls any more now that all my facilities are mature, but I do once a year or so if I get the option and a certain size gets to many empties.

      I really can't offer insight on a good unit mix because you are likely in a different area with different demand and needs.

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      • #4
        Hi! The unit mix is not a fast process to work out, and you cannot use a formula because there are many variables in your specific submarket. You need to do extensive competitive research and cross-reference the results with your submarket's demographic and physchographic preferences.

        I wrote an article about this on my blog entitled "Demystifying the Unit Mix" and covered the topic in depth with interviews from industry experts. Here is the link if you'd like to check it out: https://www.selfstorageninjas.com/se...g-the-unit-mix
        Sensei, Self-Storage Ninjas
        Black Belt Feasibility Consulting
        www.selfstorageninjas.com
        www.facebook.com/selfstorageninjas

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        • #5
          You say you are putting a hallway in are these units going to beTemp Contr ? I like a building 30 ' wide that gives you a lot of good sizes to create.
          Dave (Woodee) Scott

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          • #6
            ok maybe i was a little off on my initial post, i do know unit size popularity varies by region, generally more rural like bigger units more urban areas tend to like smaller sized units. (from my research anyhow) i realize you cant give me MY answers i simply want to know Your answers, what are your most popular units where you live?

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            • #7
              Originally posted by buildright518 View Post
              ok maybe i was a little off on my initial post, i do know unit size popularity varies by region, generally more rural like bigger units more urban areas tend to like smaller sized units. (from my research anyhow) i realize you cant give me MY answers i simply want to know Your answers, what are your most popular units where you live?
              My large units (in WA near Seattle) are popular. 10x20, 10x23 and 10x30's. and my 8x10's.
              When I had all of my ducks in a row-I realized that most of them were not even mine!

              WA State

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              • #8
                thank you krisinNC! and sorry, yes dave scott they are going to be temp control 200'x40' we are considering to hire a company for a feasibility study, anyone know of someone good that wont break my bank? thanks everyone for the feed back!

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                • #9
                  Last year we couldn't give away 6x8 and this year we only have 3 vacant... Its always fluctuating

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                  • #10
                    My current mix by total square feet is: 45%-10x20, 26%-10x15, 19%-10x10, 7%-5x10, 2%-other. I run strictly 30' wide buildings, and while there are some fluctuations in "popularity" of sizes, generally they all rent up at about the same rate, I rarely have a disparate amount of one size available/not available.

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                    • #11
                      I wish this could be done. You will never know the demand for each unit from year to year. We did not have a vacant 10x20 for 4 years and a pile of smaller units and now we have 12 vacant 10x20's and fewer small units.
                      Just put is a mix of various sizes.
                      I can't imagine you will be spot on.
                      Good luck.
                      Joe Krezdorn
                      DAK Self Storage
                      Leesport, PA 19533
                      www.dakselfstorage.com

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