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    Default Building a Storage Facility- Ideas RE: Costs & Insurance?

    @Masked Bandit (insurance)

    We recently acquired 10 acres of land 3 minutes east of Chestermere. 5 acres is currently serviced farmland, the other 5 being grass/trees/house/etc.

    I'm looking into building a storage facility on the 5 vacant acres. Anyone already in the business have an idea re: costs? Right now we are speaking with Rockyview County about it but beyond that we are still in the planning phases.

    Any insight would be appreciated

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    Consider rv storage, because your costs will be much lower. Just need good compacted gravel and some paint.
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    Quote Originally Posted by ExtraSlow View Post
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    Consider rv storage, because your costs will be much lower. Just need good compacted gravel and some paint.
    Considerable competition and that would require building in waste disposal/potable water facilities. I also like the idea of having a building on the land. Then again, I'm not against the idea of RV storage but if I'm making a $3 million investment, I want it to cashflow as much as possible.

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    Well, cash flow is lower, but capital is lower too. You'd have to see where those two cross over. I've never looked at the investment options.
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    Dude in Dewinton with the several hundred car storage facility was/is making bank on his facility I’m sure. He had a wait list a few years back. $1200/car, per year.

    Pre-eng building, hvac system and several hundred lifts.

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    This guy's got some ideas...

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    Quote Originally Posted by A790 View Post
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    Considerable competition and that would require building in waste disposal/potable water facilities. I also like the idea of having a building on the land. Then again, I'm not against the idea of RV storage but if I'm making a $3 million investment, I want it to cashflow as much as possible.
    i don't think those features are required, but certainly an added benefit.
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    Looked at doing this once... biggest concern is if you need to pay to widen the access from the hwy to the property, transportation Canada rules... costly stuff

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    Quote Originally Posted by 88CRX View Post
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    Dude in Dewinton with the several hundred car storage facility was/is making bank on his facility Iím sure. He had a wait list a few years back. $1200/car, per year.

    Pre-eng building, hvac system and several hundred lifts.
    Agreed. I store my car there and it's now $1,365 per year and you have to sign up for the year not just the winter months. Otherwise, it's $250 per month.

    I think he has spots for 400 cars or so. I'm not sure if there is still a waitlist or not, but he's certainly not hurting.

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    Rv storage places I've used were $70-95/mo. Have heard of up to $150.
    Could always do half the land as a building and the other half as rv if you were capital constrained.
    Probably less hassle with RV's as well. Much easier to evict if an issue arises.
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    Quote Originally Posted by ExtraSlow View Post
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    Rv storage places I've used were $70-95/mo. Have heard of up to $150.
    Could always do half the land as a building and the other half as rv if you were capital constrained.
    Probably less hassle with RV's as well. Much easier to evict if an issue arises.
    Not capital constrained; have assets and access to financing. May also look into investors as well depending on interest. We already own the land and don't foresee problems getting it appropriately zoned.

    Car storage is interesting. I was unsure if that was a good move due to the HVAC requirements, but you can fit a lot of cars on 5 acres...

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    Well, if capital is no problem then I think you are right that a storage building probably cash flows more $/m2 than RV storage. Unheated metal buildings probably aren't wildly expensive or high maintenance either. I suspect insurance requirements are high for any of these options. If I was you I'd talk to multiple commercial brokers to get a feel for it. Toole Peet was always responsive to my inquiries.
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    Quote Originally Posted by A790 View Post
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    Not capital constrained; have assets and access to financing. May also look into investors as well depending on interest. We already own the land and don't foresee problems getting it appropriately zoned.

    Car storage is interesting. I was unsure if that was a good move due to the HVAC requirements, but you can fit a lot of cars on 5 acres...
    It should be easy to get priced out. Its as basic of a building and mechanical systems you can get. I dont know the specifics but as he advertises as 'heated' indoor storage. Assuming he hovers it around +10c in the winter. From my limited discussions with him he spends a lot of time keep the place spotless and I'm sure its no small feat dealing with mice and pests all year round.

    Also 400 cars (I think he has even more) x $1300/year = $520k/ year. Pretty decent.

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    Regarding mice, any storage facility will require ongoing lest control from PCO or similar company. Even the outdoor RV storage places usually have professional exterminator doing regular visits.
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    Quote Originally Posted by 88CRX View Post
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    Dude in Dewinton with the several hundred car storage facility was/is making bank on his facility I’m sure. He had a wait list a few years back. $1200/car, per year.

    Pre-eng building, hvac system and several hundred lifts.
    This.

    Inexpensive - pole barn building. Groups of 4point hoists to double storage. People don't go into his facility, he performs all vehicle movements into and out of the facility. Simplified security as a result.

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    Quote Originally Posted by A790 View Post
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    Not capital constrained; have assets and access to financing. May also look into investors as well depending on interest. We already own the land and don't foresee problems getting it appropriately zoned.

    Car storage is interesting. I was unsure if that was a good move due to the HVAC requirements, but you can fit a lot of cars on 5 acres...
    The construction is the easy part. Getting it approved is the hardest.

    I just walked away from a project in that exact same area. The rich NIMBYs in Chestermere - and especially the ones along the eastern edge - will shut down anything you put forward. Bored stay-at-home trophy wives give their life meaning by "safe guarding my community's future". Rocky View County is notoriously difficult to get anything approved in and the problem is especially bad near Cochrane and Chestermere. After you've submitted your development permit and it goes out for public consultation, I can already see the comments the community associations will use to grind your project into the ground. As well, anyone owning land bordering on your land will fight you to the ends of earth to shut down your project.

    "Do we really need another storage facility in the area?" - Everyone and their Mom is trying to build these facilities and there's at least 10 in the surrounding area already.

    "I feel this project isn't a good fit for our community"

    "I'm concerned this project will bring increased crime and traffic" - This one in particular will fuck you up as you now have to pay for private traffic studies on all the roads and intersections near your property.

    "I'm concerned about dust". Yes, you'll need professionally compiled reports ($$$$) on "dust mitigation strategies", if you planned to do gravel roads on the property to cut down on costs. One way to manage the dust is to pave all the internal roads and you're now looking at $500,000 just for your roads.

    "I'm concerned about light pollution" - No one on the surrounding land wants to look out at night and see a storage facility glowing on the edge of their property. This comment is one of the most expensive to address properly.

    The residents will deploy these and more to drive up your project costs to the point of being economically unfeasible. The only thing they want in the area is high end strip malls.
    Last edited by RedDawn; 09-03-2019 at 09:55 AM.

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    There's quite a few storage and RV lots there already. You're in tough man.

    Cart before the horse dude.

    And $500K for the car storage is pitiful revenue. The cost just to heat the damned place is going to be a fortune. I'd be surprised if he cleared $50K/year for himself. Remember these are revenue numbers. I know construction contractors that have millions, sometimes tens of millions in revenue. But they pay themselves $100K.

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    Quote Originally Posted by suntan View Post
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    There's quite a few storage and RV lots there already. You're in tough man.

    Cart before the horse dude.

    And $500K for the car storage is pitiful revenue. The cost just to heat the damned place is going to be a fortune. I'd be surprised if he cleared $50K/year for himself. Remember these are revenue numbers. I know construction contractors that have millions, sometimes tens of millions in revenue. But they pay themselves $100K.
    Once that building is locked down for the winter and kept closed up the heading bill is not going to be that huge.

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