Feasibility Studies
Validation. You want it. Sensei’s got it. She will give it to you straight: thumbs up or thumbs down.
Developing? You need a Feasibility Study.
Initial Feasibility and Market Study for self-storage, boat and RV storage, storage condos, contractor yards or flex warehouse
After your preliminary research is completed, this initial study takes a hard look at the competition, rents, supply and demand to determine the market’s ability to support the proposed facility (also known as a Phase One Feasibility Report). Specifically, Sensei Researches:
Traffic patterns and customer behavior
Market demographics and psychographics
Competitor’s rental rates, pricing trajectories and other fees
Planned competitive development in the pipeline
Using this data, Sensei makes development recommendations and projects initial income and return on investment. Although this data is not sufficient to present to a lender or investor, it allows you to determine if the location is worthy of pursuing and investing in a Full Feasibility Study. If so, the cost of the initial study is applied to the full study.
Turnaround: 6 to 8 business days
If you plan on developing/acquiring a facility with more than one primary business focus, there is an additional $1,000 fee. (Self-storage with limited boat and RV storage or vice versa is one business focus, as are flex warehouses with contractor yards.)
Choose the second focus below. It should be different from the focus chosen for the Initial/Full Study selection.
Full Feasibility Study for self-storage, boat and RV storage, storage condos, contractor yards or flex warehouse
This study gives you the information needed by your engineer/site plan designer, your lender and investors. It includes all of the research and analysis of the initial feasibility study, plus a deep dive into the competitions’ Strengths, Weaknesses, Opportunities and Threats (aka a SWOT analysis), thus providing a clear understanding of the amenities and marketing your facility needs to be successful.
Sensei provides recommendations for your unit mix and phasing, and expert projections for your pricing model, operations budget, rent up period and ten-year cash flow projections (and more) - demonstrating to your financial partner this is a sound investment worthy of underwriting. The full study is the foundation of your business plan.
Fee: $7,900 or if needed, an in-person evaluation of your proposed market is $8,900 plus travel expenses. If the initial study is completed first, its cost is applied to the full study if it is conducted within ten months.
Turn around: Two weeks
If you plan on developing/acquiring a facility with more than one primary business focus, there is an additional $1,000 fee. (Self-storage with limited boat and RV storage or vice versa is one business focus, as are flex warehouses with contractor yards.)
Choose the second focus below. It should be different from the focus chosen for the Initial/Full Study selection.
