Posted by Tim on June 03, 2004 at 20:41:36:
looking for garage space in the Canarsie,Brooklyn,New York
Garage and storage units as rentals? - Posted by Carey_PA
Posted by Carey_PA on February 27, 2004 at 16:12:51:
Hello all…
I know it’s been a long time since I’ve been around here, but I have a question.
Are any of you out there buying garages or storage units? I have no doubt that you are, but I wanted to get some feedback, because I’m interested in some units (I think, depends on the reaction I may get here lol)
23 units that currently rent for $65 ea./mo (and from what I’m told that is a little low, but I’ll VERIFY that for sure)
The taxes are $2,375 / yr.
Insurance ??? I"m not too sure yet, the other agent quoted an estimate of $300, but I’m not going to use his numbers, I’ll call my insurance guy in the morning.
Electric they say around $400 (but last year was $385)
All units are currently rented, I’m fairly certain of that.
They’re asking $135k. I’m trying to figure out how to get this for the simple fact that I’m thinking there won’t be any clogged toilets, no busted pipes, no lawn care, etc. It’s just straight up cash-flow for space, period.
What are some things I"m missing, obviously if I get some vacancies I’m going to have to overcome that and figure out the best way to get the units rented, I can rent homes, but I’ve never tried to rent garages.
Any other things I should consider???
Also, is there a way I could work this type of deal with no money down? I’ve done that on a few sfh’s, but I was buying them at 50% or less on the dollar because they needed work, so would I be able to swing that sort of deal here?
Thank you all in advance!
CAREY
P.S. Tim Randle if you’re reading this, you have mail coming via the U.S. Postal Service.
Re: Garage and storage units as rentals? - Posted by Ron Sewell
Posted by Ron Sewell on February 27, 2004 at 16:53:19:
Self storage is a good business. I have doing it and financing it for 26 years. The trick on this one is servicing the client that wants to rent. Is the site near enough that you can rent them easily? The amount is below our floor. But the deal seems solid. The only items that normally needs servicing are the door spings and the gutter (keeping it clean).
Ron
Re: Garage and storage units as rentals? - Posted by Beth (CA-FL)
Posted by Beth (CA-FL) on February 27, 2004 at 20:49:05:
Hi Ron:
Thanks for making yourself available on this forum. In what part of the country do you have your storage units?
My husband and I want to get into developing mini-storage properties. We’re doing 1031 exchanges of our CA rentals and are down to our final exchange. We are investing in N.E. Florida, Jacksonville-St. Augustine area.
We had bought a couple SFH’s cuz that’s what we know inside out… but now want to venture into commercial storage facilities to develop.
We are currently looking for a property that:
- Is on a main highway with acreage but has some kind of residence on it so it can qualify for the type of financing we currently are using (don’t want to reinvent the wheel at this point with financing cuz we have an April 5th deadline to identify and have processed several properties with the lender we use, and so continuing with his very good, no points, low rate program for residential is the easy thing to do).
- We’re identifying properties in pro-growth areas that will allow for mini storage facilities.
- We plan on doing the zoning change, permits, improvements needed to turn this property into a mini storage facilty.
Questions:
- Have you developed any of your storage facilities in such a way… from the zoning/permit process on up?
- How long did it take for you to get 100% occupency?
- What are the market factors you look at when deciding whether an area is good for such a facility?
- Do you have buildings with units… open acreage to store boats, RV’s, etc… both?
- How large is the land your facilities are on?
- What are the ratios, forumulas that you use?
- Any other insight full information is welcomed such as future growth of mini-storage facilities, etc.
Thanks,
Beth
Re: Garage and storage units as rentals? - Posted by Tilly Dunkle
Posted by Tilly Dunkle on August 16, 2004 at 17:46:28:
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