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Storage Condos: What do you know?

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  • Storage Condos: What do you know?

    I'm looking for any information regarding storage condos. Facilities which house individual storage condo units large enough to house boats, RV's, cars, etc. I'd like to try and find out where the best locations for these faciltiies are (near recreational areas, near affluent communities, or on the way to destination spots). How to price the units, what sizes to build, etc. I know a lot of these facilities cater to boat and RV owners as well as contractors. I see many of these facilities are popping up all over the mid-west and west, but I'm not seeing too many of them being located on the east coast, with the exception of Florida.

    Let me know what knowledge you have of these type of facilities.

    Thanks,
    Matt

  • #2
    Response

    Hello Matt,

    I recently did a webinar on this very topic with Inside Self Storage. It has been archived on their website Inside Self-Storage - Webinars
    Look under past webinars and it should be listed first. I had Ted Deits the owner of the Eucalyptus at Beumont guest speak. He also has an excellent website which is Storagebiz.com - storage biz Resources and Information..
    Feel free to contact me directly with any specific questions you may have.
    You can reach me at (800) 383-4932

    Thank you,

    Caesar Wright
    President
    Mako Steel
    Caesar Wright
    President
    Mako Steel, Inc.

    Comment


    • #3
      Thanks for your response Caesar. I did in fact sit in on that seminar and it was quite helpful as it answered the bulk of my questions. I was just looking for me geographically specific information which I suppose is most likely not readily available at this time. I did find it interesting how Ted commented on the fact that the majority of his clients were not local, nor did they reside anywhere remotely near the facility.

      I'm trying to figure how to put forth a good guess as to where your client base would come from and what their motivations are to purchase a storage condo. Is it driven by nearby recreational amenities (large bodies of water, large RV campgrounds, etc.) or by demographic makeup of the surrounding area? There's little to no storage condos on the east coast with the exception of Florida. Maybe there's not enough supporting evidence??


      -Matt

      Comment


      • #4
        Are you still considering this investment?

        I am building a self storage in a prime location in Ohio. Next to it I have an option on 4 acres of which I am considering this type of product. A partner might make sense. If interested let me know.

        Comment


        • #5
          Sure...we may design and build storage condos....but I happen to own one as well. Although mine is in a vacation spot in Northern Michigan, I do not store an RV or boat (unless my brother-in-law happens to put his in it). I needed space to store old furniture. Since purchase, I have added a workroom and stairs to an upper "office" loft. These are great in resort areas--or course--where condos, townhouses, and apartments don't have large garages or basements. In my area businesses use them to store large equipment. And the best part...I will make money when I sell it.
          Dan Wolan
          A-Lert Building Systems

          [email protected]
          www.alertbuildingsystems.com
          (248) 961-3112
          (800) 210-5375

          Comment


          • #6
            Originally posted by MCD PFG View Post
            I'm trying to figure how to put forth a good guess as to where your client base would come from and what their motivations are to purchase a storage condo. Is it driven by nearby recreational amenities (large bodies of water, large RV campgrounds, etc.) or by demographic makeup of the surrounding area? There's little to no storage condos on the east coast with the exception of Florida. Maybe there's not enough supporting evidence??

            -Matt
            I don't know that there is a magical location. This one is in Idaho:
            In storage condos, a place for gear, play - The Boston Globe The article answers some of your questions on client motivation.

            I have also talked to folks in Indiana and Tennessee with plans to build, and if you google "storage condos", you'll find places in Florida, the Southwest, and West. It is reasonable to assume sort of recreational opportunities are close by, but they seem to vary by area - camping, fishing, water sports, etc.

            This is a relatively new development in storage and, like all new things, takes a little time to gain traction. If the innovators are proven successful, others will copy them.

            Comment


            • #7
              No No No...The web address is wrong. Try Eucalyptus at Beaumont

              The project mentioned is Eucalyptus at Beaumont in California!!

              Comment


              • #8
                Originally posted by MCD PFG View Post
                Thanks for your response Caesar. I did in fact sit in on that seminar and it was quite helpful as it answered the bulk of my questions. I was just looking for me geographically specific information which I suppose is most likely not readily available at this time. I did find it interesting how Ted commented on the fact that the majority of his clients were not local, nor did they reside anywhere remotely near the facility.

                I'm trying to figure how to put forth a good guess as to where your client base would come from and what their motivations are to purchase a storage condo. Is it driven by nearby recreational amenities (large bodies of water, large RV campgrounds, etc.) or by demographic makeup of the surrounding area? There's little to no storage condos on the east coast with the exception of Florida. Maybe there's not enough supporting evidence??


                -Matt
                Matt-

                I am the developer of Eucalyptus at Beaumont. I think you have assumed correctly that there is no real supporting evidence or any sort of demographic pattern in place to help you out in your decision. Frankly, it is a crap shoot, at best.

                I think you could sum it up in this sentence - "People Must Have a Reason to Buy A Storage Condo". What is the reason in your area? Here in California, there is an EXTREME shortage of RV storage facilities .

                I hope this helps you out a bit.

                Ted Deits

                Comment


                • #9
                  Thanks for all of the replies.

                  Ted-

                  I have been following your construction process through your website. I think you may have quite a homerun on your hands, especially due to the shortage of existing RV storage. I have a few areas in which I think storage condos would work along the east coast (areas located near recreational/tourist spots), but I'm not quite sure if it's a homerun. I see plenty of projects out in the west being built and being sold before completion and some of them are located in remote areas. I'm still trying to get a grasp on the whole idea. Maybe I'll figure it out soon and open up a site within the next two years.

                  Comment


                  • #10
                    This is what I found out so far.

                    Matt,

                    I spend my days talking with Storage Condo developers on projects around the US. From what I know, many of these guys will be more than willing to help out as far as what to look for in a good project. Their emails are on our website. So far the successful thread I have seen is second home areas or recreational areas, I would say at least 90% of them seem happy with how the sales are going and plan on doing more of these in the future. Drop me an email if you ever want to chat. I usually add 1-3 new projects on the website a day, so as I acquire more info I will keep it posted here.

                    Lucas Nelson
                    www.StorageCondoStore.com
                    [email protected]
                    Last edited by teri_l; 24th June 2008, 07:06 PM.

                    Comment


                    • #11
                      storage condos

                      I'am very interested in offering this option tosome of the contractors/companys that are in my storage that also have a need for a small office, can you tell me how this would benefite me as a owner/operator ? what kind of maintence fees can I expect monthly or yearly ? thanks Chuck HWY P STOR IT & PARK IT Billings, Mo.
                      Pirates Life for Me

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                      • #12
                        Their will always be those who want to continue to rent and those who would prefer to purchase. If you have the option to sell your units it may keep someone in your property when and if someone builds storage condos in your market area. If your units are already condoized you may be able to get your product on the market immediately while competition is in planning stages. By selling a number of your units you may pull out some of your capital for another storage condo project in your area, if the market can support it, while retaining some of the units for a cash-flowing investment.

                        Lucas Nelson
                        President
                        http://www.StorageCondoStore.com
                        "The Hub of Storage Condo Information"
                        541-610-4922

                        Comment


                        • #13
                          Matt,

                          as with all real estate, it is local. Just like with normal rental storage, there are a variety of uses for storage condos. Some developers have had success in resort locations and others have had success in very rural or industrial area. The most important criteria is that you know the needs of the area you are working, and build a product that meets those needs.


                          Regards,

                          Matt Jackson
                          www.ownyourownpersonalstorage.com

                          Comment


                          • #14
                            I just wanted to let everyone know that our Grand Opening will be on March 14th and 15th, 2009.

                            This is the happy conclusion of 6 years of design and construction.

                            Details can be found at http://www.rvstorage.biz

                            The hours will be from 10AM to 5:00PM each day (Sat and Sun).
                            We will be serving lunch, and will have Giant RV and Marathon Coach
                            displaying their latest and greatest.

                            I hope to see you there.

                            Ted Deits
                            Eucalyptus at Beaumont
                            RV Storage Condominiums

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