Let's talk about self storage.

Hi all,

Currently have about 45,000 sq ft of land in downtown Houston and was trying to crunch some numbers to see if building a climate controlled self storage unit is worth it. Would love to hear some outside perspectives on what I might be missing. A few assumptions I've made

• 3 story unit or about 100,000 of building sq ft (not rentable) at $75 a sq ft so $7.5M to build.
• Commercial loan of $7.5M at 5.8% interest rate for 30 years = $574K a year 
• ~2% property tax on a $9M assessed value (building + land) = $180K a year
• 2M kwh electricty at $0.07 = $140K a year
• $115, average unit rent, 5% growth rate in rental rate every year

By my calculations it'll take about 4 years to break even again. Are these reasonable assumptions?