Apparently you haven’t done proper homework, or you would know that the Las Vegas area currently is saturated with self-storage properties.
For that matter, so is most of the country… StorageUSA (to name one) is liquidating a number of properties at this time, due to low occupancy/revenues.
I personally know of at least 2 projects in Vegas, similar to what you propose, that just completed construction… and both are for sale. Why? Because the developer knows that the concept of “build it and they will buy it” is more profitable than the concept of “build it and they will fill it”.
Vegas/Henderson Storage Condos - Posted by Cork Horner
Posted by Cork Horner on December 25, 2003 at 23:04:40:
Happy New year!
Ray, this is an ongoing goal step for Storage Condos as discussed before. AD Kesler recommends keeping the land and selling the individual units. Also co-op could work. This an out of the box approach to CRE.
Anyone here worked with/bought from Silver County Financial, inc [Nevada]?
How about investors or brokers knowledgeable in commercial land costs VEgas area? Particularly 3-5 acres zoned for storage.
Our corporate plan is to either syndicate the land [not an offering here] and General Partner the development and sales. Once land f&c, we can usually easily get the construction costs.
Our target property is $1.25 M land, $3.0 M construction ~120,000 aq ft three story storage.
New York Investment house offering to do ‘test the water’ for $20k cash up front to raise $5 M for our start up corporate start up. Ten % fee back end. Shall we do our own ‘test the water’?
What is the cumulative eperience on this board regarding a ‘mega-mini storage’ on a project estimated future value $8-10M. pojected land and improvement $ 5M. The first hurdle is getting the land under contract. Seller we are workng with won’t subordinate or joint venture. [health issues]
I’m looking at ways to launch and grow this project and closing on the land.
Explicit details here are not stated so to not make this look like a solicitation or offering.
Cork Horner
San Diego