This very nice self storage business has enjoyed steady growth; Square footage occupancy is approximately 90% even at the seasonally low occupancy winter months indicating an opportunity to add another building. The owner reports that the business has enjoyed almost full occupancy over the years, indeed shortly after purchasing the facility he constructed a 4,200 square foot building.
Located on a 4.78 acre lot there is plenty of room for expansion and the high occupancy suggests that the market may support additional buildings.
The facility is operated by the owner who has ten scheduled weekly hours and is available on call for new rentals. Adjusting existing tenants to current scheduled rates could alone increase gross income almost $15,000 at current occupancy. The owner has never increased rates for existing tenants since purchasing the facility in 2006. Surprisingly, the owner quotes rates including sales tax which makes his rates, although lower than the competition even with sales tax, appear to be less competitive than the rates actually are.
Increasing late fees from the existing $10 to State allowed $20 would increase gross income approximately $2,900. Late fees are currently assessed at the ten day point although the State allows the fee to be assessed after the third day.
The facility includes a nice mix of 135 popular storage sizes from 5x10 to 10x30 as well as substantial outside parking.