Jimmy,it sounds like you have the demand to add on, regardless of climate vs non climate. Like Megan said, If you haven't already gotten a feasibility study, now would be a good time to properly gauge demand for your expansion.
As far as unit mix, check existing supply in the 3-5 mile market and try to gauge occupancy and price per sq. ft. Use that data along with feasibility data to create pro forma for expansion project.A good GC that specializes in self storage construction can be worth their weight in gold. There are many variables that go into climate controlled. Depending on the size of the structure, fire sprinkler systems, or fire walls may be required.
HVAC- This is where a solid GC comes in. If they do not know what they are doing, they will usually over sell the tonnage required for self storage or industrial type warehouse. They typically try to get you to heat and cool to a high volume retail environment. That means they are going to get you to add a ton to 350 sq ft of climate controlled space. I have seen studies that show you can optimally heat and cool our types of storage for 650 sq ft/ton. Also, try and steer away from units larger than 5 ton residential units. The larger commercial units are expensive to replace from a cap ex standpoint.
Example- say you need 40 tons hvac. 8 -5 ton units are easier to replace at $5-6k per unit than 2 -20 ton units at $22-25k a unit. A good GC will know these things.
Have you done a pro forma on the expansion?I would try and target rental rates to around $1.20- $1.25 sq ft on climate controlled, but of course the higher the better. Hope this helps,Chris
It was a pleasure speaking with you yesterday and hope that I was a little helpful. As mentioned, if you require more information and or directions to a feasibility study company...please let me know.
To assist with your performa numbers, I attached a copy of our ballpark budget sheets for various types of Self Storage construction. We understand that navigating through the due diligence process can be time-consuming and invite you to reach out to us with your questions to help move you through to your next steps.
We have the experience and knowledge to help. Everything from feasibility referrals to feedback on your site plan. I have also attached a self-storage planning guide for your review.
If you are ready to build, Mako Steel can assemble a proposal for the structural engineering, materials, and possibly labor. Again, during this initial process if you have any questions, or I can help clarify anything for you, please don't hesitate to reach out.
Call me at the number listed below and or click here to schedule a call. Schedule A Call With Me I look forward to hearing back from you and thank you for the opportunity.
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