Validating Your Project
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.
Buying a facility? Skip down to the bottom for an Acquisition Audit.
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.
Sensei Katherine at her Bon Voyage Boat & RV Storage facility with her Research Assistant, Bogart
Acquisition Audit
Purchasing a self-storage, boat and RV storage, storage condo, contractor yard, or flex warehouse facility is a BIG decision. At Self-Storage Ninjas, our Acquisition Audits provide the comprehensive validation necessary to proceed confidently with your purchase.
An Acquisition Audit meticulously assesses the facility’s health. Our team, led by Sensei, conducts a thorough comparison of the units, vacancies, and prices provided by the seller against the actual rent roll to identify any inconsistencies. Additionally, we carefully examine financial records to gauge the business’s financial well-being.
Furthermore, our audit extends to evaluating the submarket’s health. Through in-depth research into competition, rents, supply, and demand, Self-Storage Ninjas’ data determines the long-term viability of the facility’s target prices and returns. We also consider necessary repairs and improvements to enhance the facility’s appeal.
Following interviews with the management team and a review of facility operations, Sensei provides recommendations for improvement and for expansion if viable. This culminates in a strategic plan to leverage competitive strengths, address weaknesses, and optimize operational budgets.
Our pricing recommendations are meticulously tailored, taking into account each unit size and type along with the subject facility’s competitive advantages and disadvantages. We project rental rates conservatively based on competitive facilities’ pricing as well as analysis from outside the primary and secondary trade areas if necessary.
Ultimately, our audit delivers projections for the facility’s proforma, cap rate, and return of investment. These insights empower you to make a well-informed purchase decision based on an impartial evaluation of the data.
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.
Facility Audit
Maximizing the performance of your self-storage, boat and RV storage, storage condo, contractor yard, or flex warehouse facility requires a clear understanding of your current operations and market position. At Self-Storage Ninjas, our Facility Audits provide the comprehensive analysis necessary to unlock your facility's full potential.
A Facility Audit meticulously assesses your facility's operational health and market performance. Our team, led by Sensei, conducts a thorough review of your units, occupancy levels, and pricing strategy against your actual rent roll and operating expenses to identify revenue optimization opportunities and operational inefficiencies. We carefully examine financial records to gauge your business's financial well-being and pinpoint areas where costs can be reduced without sacrificing quality.
Furthermore, our audit extends to evaluating your facility's competitive position within the submarket. Through in-depth research into competition, rents, supply, and demand, Self-Storage Ninjas' data determines your facility's true market position and identifies untapped growth potential. We analyze opportunities for rate optimization, expansion possibilities, and strategic improvements that will enhance your facility's appeal and profitability.
Following interviews with your management team and a comprehensive review of facility operations, Sensei provides targeted recommendations for improvement. This includes actionable strategies to enhance operational efficiency, reduce unnecessary expenses, and maximize revenue across all unit types.
This culminates in a strategic operations and marketing plan designed to leverage your competitive strengths, address weaknesses, and optimize operational budgets. Our pricing recommendations are meticulously tailored, taking into account each unit size and type along with your facility's competitive advantages and disadvantages. We project rental rates based on competitive facilities' pricing as well as analysis from outside the primary and secondary trade areas when necessary to identify growth opportunities.
Ultimately, our audit delivers proforma projections that reflect your facility's optimized performance, along with updated cap rate and return on investment calculations. These insights empower you to make well-informed decisions about operational changes, expansion opportunities, and strategic investments based on an impartial evaluation of the data.
Turnaround: One Week
