Black Swan Storage Advisors

Self Storage Success Begins with A Storage Facility Feasibility

Do you know why it’s important to have a Storage Facility Feasibility study done before investing? Because self storage investing isn’t as easy as it used to be.  Remember the days of “build it, and they will come.” Those days started slowing down and all but disappeared between 2015-2022. Now, if you want to protect a project or investment, you lean on the experts in the business. Matthew (Matt) Van Horn has been in the self storage industry for over 20 years. So when he began offering feasibility studies, advisement on projects, and 3rd party management services, he became the industry’s most trusted advisor.  Do you have a project that you need help with?  Read below to learn about all the services Black Swan Storage Advisors offer and free resources to help you be successful on your next self storage facility project.

Self Storage Success Services:

Feasibility Studies:

Feasibility studies are evaluations of the potential of a proposed project or venture to determine if it is practical, feasible, and viable. These studies are conducted to assess the likelihood of success and to identify any potential challenges or risks that may arise during the project.

There are several types of feasibility studies that can be conducted, including:

Feasibility studies are an important step in the project planning process, as they help organizations make informed decisions about whether to move forward with a project.

What is a Self Storage feasibility Study & Why do I need it?

A self storage feasibility study is a detailed analysis of the potential for a self storage business to be successful in a specific location. It is typically used by individuals or companies who are considering investing in a self storage facility, and it helps them to make informed decisions about the viability of the project.

There are several reasons why a self storage feasibility study may be necessary:

To assess the demand for self storage in the area:

A feasibility study will help you determine whether there is sufficient demand for self storage in the location you are considering. It will consider factors such as population density, local economic conditions, and the availability of competing self storage facilities.

To evaluate the potential competition:

 A feasibility study will also help you assess the level of competition in the area, including the number and size of other self storage facilities in the area and their occupancy rates.

To determine the potential financial viability of the project: 

A feasibility study will help you estimate the potential revenue and expenses associated with the self storage facility and determine whether the project is financially viable.

To identify any potential risks or challenges: 

A feasibility study can also help you identify potential risks or challenges associated with the project, such as zoning restrictions or environmental concerns, and help you develop strategies to mitigate those risks.

Overall, a self storage feasibility study is an essential tool for anyone considering investing in a self storage facility, as it can provide valuable insights into the potential demand, competition, and financial viability of the project.

What is included in a feasibility study for a self storage facility?

Knowing what’s included in your feasibility study is important information.  Some banks require this information for a loan to go through, but even if it isn’t required to satisfy your loan, every investor should have a study done.  Here is what is included: