I currently own about 2 acres of property in upstate NY. I am trying to sell my restaurant that sits on that property. Since I am having difficulty selling it, I thought I would get creative. I thought about utilizing that property for storage space. If feasible, I would knock down the restaurant and produce storage units for the members in that community. The biggest question I have is 1.91 acres of land big enough to build storage units on the property? Please share your thoughts!
Thank you!
Simply put, yes, 1.91 acres of land is big enough. Of course you have to put that into context…
There’s 43,560 sq feet in an acre. If it’s a drive up Self Storage Facility you can typically build on 30% of that (~15,000 sq ft * 2 acres) the remainder being driveways & aisles, retention ponds, etc.
If it’s a multi-story (single entry) Facility you can typically build on 70% of the land.
However, you will certainly want to have a Feasibility Study and Supply index completed to ensure that it makes sense to bring new Storage online. Nothing worse than building it only to find out later that there wasn’t enough demand and now you’re competing with your Self Storage neighbors on price alone – as that is a race to the bottom. A proper Feasibility Study should give you the peace of mind to move forward or not.
I hope this helps.
Scott
