New Self Storage Trend – Condominiums
Storage condominiums are one of the latest trends in self storage facilities. With a self storage condo, the customer purchases their entire storage unit outright and then is free to do with it what they wish, including renting or reselling it. Similar to residential condominiums, the new owner is obligated to pay association dues to the storage facility. These dues are usually allocated to cover common expenses or kept in a fund to cover future capital improvements.
Storage condominiums have benefits for both the facility manager and the customer. The manager no longer has to worry about collecting monthly rent or providing liability insurance. Their ongoing maintenance duties are usually reduced as most association fees do not include any work inside of the storage unit. The new owner is responsible for his or her own pest control, water damage repair, and fire prevention to protect their own belongings. The customer is free to add their own security systems to their storage condo, but security at the overall location remains the responsibility of the facility owner or management company.
Most storage condos are 14 feet wide and 40 feet deep, with other sizes also available as desired by the customer. Many of them include a residental garage door, complete with opener, for easy access to the space. There is generally 15-amp electrical power already installed in the storage unit, with fluorescent lighting and several electrical outlets. Larger condominiums may be wired for 60-amp power, with the utility bill being sent directly to the space owner instead of the facility manager. Some storage condominium facilities include shared services for use on RVs, motorcycles, and boats. These include repair stations, vehicle washing equipment, and dumping areas for RV waste products.
The unique set up of a storage condominium arrangement can give it some flexibility with regard to city land use regulations and zoning laws. Because they are not rental units, a storage condo facility can often be placed in areas zoned for light industrial use, not just commercial zoning areas. This land is usually much cheaper for the facility owner than it would be to purchase commercially-zoned land. In cities where parking spaces and vehicle storage are hard to come by, purchasing a storage condominium may be more economical than paying parking fees by the day or month.
Despite their high prices, customers are purchasing these storage condominiums because of the flexibility and convenience they give. Since the customer now owns the storage unit outright, they are free to make any improvements they wish to the interior of the space. Exterior improvements must usually be approved by the facility manager since they affect the look of the entire area. Some common interior improvements include epoxy floors, new walls to separate the space, and adding windows or doors. Condo owners with a higher construction budget may even install climate-control equipment for the storage unit. This usually entails adding insulation in the walls and roof, along with either an air conditioner or swamp cooler to keep the temperature down inside the condominium.
Businesses are also taking note of these new storage condominiums, purchasing them for use as off-site file rooms or vehicle and equipment storage. Due to city zoning laws, most storage facilities have provisions in the sale contract prohibiting the operation of a business from inside the condominium itself. They are quite useful in shifting some of the storage space burden out of a company’s primary office, which is probably being rented at a premium rate.
Being able to actually own the storage space gives a business more financing options. It is far easier to obtain a loan to cover the purchase of real property than it is to persuade a lender to pay for the company’s storage rental for the year. The cost can generally be classified as a capital investment instead of a recurring monthly expense on the company’s balance sheet and income statements. Storage condominiums are a natural fit for businesses that use a lot of large equipment or vehicles, such as construction or delivery companies.
Financing the purchase of a storage condominium may be more difficult for a private individual. Many banks have no experience with the concept of buying a permanent storage unit as a real estate investment. As a result, these loans are usually treated as 10-year personal loans rather than traditional 30-year real estate mortgages. There is also generally a large down payment of 20 percent required upon the signing of the loan.
About the Author
Simply Self Storage – What Could be Easier than Simply?
Simply Self Storage is the largest privately owned self storage company in the United States and Puerto Rico. We own and/or operate over 228 facilities with over 16.1 million square feet of storage space.
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