How to Buy Storage Land for Sale
There is no more important factor in your new self storage facility than location. It can make or break you. However, there is much more to know about a location than just an address or map coordinates. Here are some tips on how to buy storage land for sale.
A Feasibility Study
A feasibility study is crucial to finding the best location for your facility. You can hire someone to do a study for you, or you can do one yourself. It will address many details about an area, including typical customer information, competition rates, current storage occupancy and, finally, area demographics. This critical information can tell you where your facility is needed and where it is not. It can help you find the best area for higher rates. You must ensure that you can collect high enough rates to cover your construction and operating costs on a top of the line facility. Once the feasibility study is completed, you will know your target area to begin your search for available land.
Before you start your actual search, make sure you are knowledgeable about zoning in the area. Visit the local zoning office and learn the rules for self storage in any area you are considering. This could save you valuable time, trouble and money later. It may also help you eliminate some areas from your search.
Real Estate Professional
Next, call a local real estate agent who specializes in commercial property. Tell them what you are looking for – a multi-acre site in your desired market area (based on the findings of your feasibility study). Make sure your agent is familiar with your zoning needs as well. Once he or she finds some possible sites, go visit them personally.
For self storage facilities, good visibility is an absolute must. This is because a high percentage of your customers will come from drive-by traffic. You may want to actually make the drive yourself multiple times to ensure potential visibility of a particular location. Look for anything that may impede that visibility.
Obviously, you will want a location on a heavily travelled road. In addition to this, you should consider ease of accessibility. Can customers come and go without much difficulty? Also, consider if there are other reasons for potential customers to travel this road. Restaurants, grocery stores and gas stations can all be good indicators of a traffic pattern. It’s the place where your customers do their business and live their lives – and that is just where you want to be.