Feasibility Studies

We offer detailed analyses of a particular market/location to determine whether a self-storage project will be economically viable.

Feasibility Studies offer detailed analyses of a target market surrounding a subject location to determine whether a self-storage, boat/RV project is expected to be economically viable.
• The study begins with a Target Market Residual Demand Analysis to calculate potential NRSF we believe will be supported in your target market.
• Typically, if there is sufficient demand for additional storage in the market, we are asked to perform a complete Feasibility Study.
• Any study requires an initial down payment of 50%. If during the initial research, we conclude that the site is not a viable option for self-storage, we will notify the client, end the study, and not charge any further fees for our services.

Option 1 - Target Market Residual Demand Study

• Define target market
• Analyze demographics
• Project Residual Demand for Self-Storage NRSF
• Weight NRSF for type of Self-Storage Product (Climate Controlled, Non-Climate)
• Recommend % Unit Mix for Product

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Option 2 - Premium Feasibility Study

This comprehensive study includes what we believe to be the essential elements needed for development and for presentation to a lender or prospective partner. We project a 36-Month Pro Forma including gross potential rent, the expected operating expenses for your project, and estimate Net Operating Income based on our projected leaseup rate for your market. The study will provide an overview of the market and a detailed analysis of the competition surrounding your tract. Our research will indicate if your location appears to be a good candidate for a profitable self-storage development and will help define the net rentable square footage and product mix that we believe will most closely meet the expected demand for self-storage at your site. *Our study prices are non-negotiable. No two or more subject locations may be combined into one study.

ANALYSIS OF TARGET MARKET
• Trade Area Definition
• Radius Study
• Demographics
• Target Market Weighted Residual Demand

ANALYSIS OF COMPETITION
• Target Market Competition Survey
• Supply & Pricing
• Class & Competitiveness Rating

ANALYSIS OF SUBJECT PROPERTY
• Access
• Visibility
• Identify Potential Barriers

CONCLUSIONS & RECOMMENDATIONS
• Should You Build?
• What Should You Build?
• When Should You Build?
• Unit Mix Suggestions
• Construction Considerations
• Pre-Bid Cost Estimates

PRO FORMA
• Itemized Monthly Income & Expense Projections
• Pro Forma Related Assumptions
• 36 Month Net Operating Income Projections

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