Are Self Storage Conversions Viable?
To convert or not to convert? This is a question posed in the March 2015 Mini Storage Messenger piece entitled “Conversions Are Back: Operators Weigh In On The Viability of Repurposed Buildings” by David Lucas. Rachel Parham, president of NDS Construction, is featured in the piece, quoted for her preference for ground-up structures.
“If you buy a bowling alley and you want to convert it to self storage, you don’t know what’s behind those walls. So, it’s hard to give an estimate of what it’s going to cost to do that,” Parham said, referring to electrical, lighting and sprinkler considerations as examples.
“The spacing for office is different than it is for self storage. You’re probably going to take out a good portion of the system to get the correct spacing,” she added.
Conversion Pros & Cons
Lucas takes a look at the best conversion candidates, socially responsible reuse, pros and cons, and construction cost. Converting an old building into self storage business is an appealing idea. For one, repurposing a building can seem better for the environment or work your way into a geographical region where land is difficult to secure. It can even seem cost effective if done correctly.
When considering a conversion, finding out what the neighbors think is critical. Price points, building conditions and logistics also come into the mix as you decide whether a conversion is best.
The Allure of Conversions
Owning a storage unit business is one of the fastest growing industries in the United States these days. Storage units are something just about everyone will need at one point in their life. Yet, as many that are popping up around the country, more are constantly needed to meet demand.
Starting a self storage business is great venture for many, but it comes with some important decisions to make. While finding the perfect location to attract business can be hard, it can be even more difficult to find available land on which to build from the ground up. Self storage conversions could be the answer to this problem.
Fortunately, the people here at Learn Self Storage can get you the answers you need. We have the knowledge, experience and expertise to help you decide what’s best for your given situation. Have a question? Send us a question – we’re happy to help!