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Feasibility Study for RV/Boat Storage Facility

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  • Feasibility Study for RV/Boat Storage Facility

    Hey All,

    I am new to the site. I am interested in getting into the business. I have a very large lake and many surrounding campgrounds. So I am considering creating an Boat/RV storage facility. I talked with a Feasibility Study provider. It sounded like they could provide rock solid data on traditional self-storage but not so much on RV/Boat.

    Would you recommend a feasibility or market analysis for Boat/RV?
    If so, do you have a provider that specializes in boat/rv?
    If not, what data should I be looking at? What should I consider?

    The city the lake is in is only a population of 10,000 people with 100,000 in the county. It is a 70,000 acre lake. The neighboring county has a population of 500,000. It's a 45 minute drive but this lake is a popular destination for this community. I'm hoping the cheap land around the lake would provide for a good opportunity for a strong ROI. I'm looking at a 11 acre piece of land on a major hwy for only $139,000. It would need to be cleared prior to building.

    Anyone else create RV/Boat storage with similar demographics that wouldn't mind discussing in more detail?


  • #2
    Welcome!
    I can't really contribute but are you going to add a small 'camp/boat' store as well? You know, chocks and floating key chains and compostable TP and little things like that the everyone forgets but needs when they arrive to boat or camp? What about a dump station or do the campground have them locally.
    It sounds exciting to start a new project like this-someone with more experience will chime in I'm sure.
    90% of what you're stressing about now won't even be relevant in a year. Breathe easy. ~Wesley Snipes

    WA State

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    • #3
      I have long dreamed about a facility like this. I used to work at Monaco Motorhomes and dealt with the owners and trailers and how they like to be catered to. The camp/boat store is a great idea. Sel propane as well, a dump station.....etc.

      Welcome to the forum.
      "Never let the inmates run the asylum!"

      Comment


      • #4
        Yes, you should definitely get a feasibility study. Building boat/RV storage is expensive, very expensive. Plus, you lose a lot of revenue generating space to aisles, the larger units generate less profit per SF then traditional self-storage, etc. So determining if there is demand is a must to ensure you can generate the revenue needed to entice you to invest/build. It's why most people don't do it. The costs to develop are too great for the revenue generated, or...the land/development cost would be better suited for investments that return more (say traditional self-storage).

        However....determining demand is much more difficult (maybe it's better to say it's different) than for traditional self-storage.

        I received 2 feasibility studies. Would recommend you stay away from SSA. SeflStorage101 was better for feasibly studies.

        The method for determining demand for boat/RV is not as established/perfected as for traditional self-storage and can be done a few different ways.

        Comment


        • #5
          One more point...it is always easier to purchase vacant land that has been developed (think an old business that can be torn down) vs. completely new and undeveloped land. The costs are much greater when you have to start from scratch. I'm not saying don't do it, I'm just saying there's a lot more involved and so it's best to be prepared for that.

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          • #6
            Boat and RV storage is a great business. You dont have the same income, but your cost can be very low. A great way to get some income while the property appreciates. Clear it, level it, and put some fence around it. From there you can add as many bells and whistles you think make financial sense. You could do attended or unattended. I would think with 11 acres you should be able to get 650 typcial sized spaces. I doubt the population you describe would warrant that many spaces. I would call around to all the storage places/options and see what thier availability is. If everyone has lots of availability, probably not a big need. If everyone is full with waiting list, you know you are on to something. If you are in a rural area where everyone has lots of acreage and everyone typically stores their stuff in their yards, you have to ask yourself why would they pay to store it.

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