The Power of Expert Feasibility Studies: What Data Providers Miss

Sensei breaks down the key differences between industry data reports and expert feasibility consulting - plus the real advantages of having a seasoned professional analyze your storage development’s viability.

Components of Development Viability Analysis	Storage Ninjas Feasibility Studies	Industry Resources and Data Providers
Executive summary of project for banks and investors	X
General overview of storage market for banks and investors	X	X
Description of the subject parcel including size, zoning, development requirements and topography	X
Overview of local market for banks and investors	X
Access to selected parcel	X
Traffic counts surrounding location	X
Determining primary and secondary market	X
Demographic indicators of potential tenants	X	Limited
Psychographic indicators of potential tenants	X
Number of boat and RV owners in trade area	X
Number of car enthusiasts in trade area	X
Comparison of local potential tenants’ profiles to storage use and preferences	X
Competitor identification	X	New and/or facilities without a web presence often missing
Net rentable SF calculation	X	New and/or facilities without a web presence often missing
Number of boat and RV storage units calculation	X
Rental rates and historical trajectories	X	New and/or facilities without a web presence often missing
Unit occupancy	X
Competitors’ marketing analysis	X
Competitive map in relation to proposed facility	X	New and/or facilities without a web presence often missing
Interpretation of which competitors are not true competitors	X
Competitors’ amenities analysis	X
Local storage sales comps	X	X
Identification of new storage supply in development	X	Often not current, missing facilities and type of storage under development
Calculation of storage supply per capita and per household	X	Usually only per capita
Calculation of storage supply per boat and RV owner and per business	X
Boat and RV parking regulations in trade area	X
Homeowners associations in trade area	X
Tourism in trade area	X
Opinion of viability	X
Development recommendations for most profitable type of storage given supply, demand, budget and goals	X
SWOT analysis: proposed facility v. competitors	X
Unit mix recommendations	X
Phasing recommendations	X
Recommended amenities	X
Additional revenue streams	X
Site layout and design considerations	X
Projected length of rental	X
Projected hourly, daily, weekly and monthly visits to facility	X
Pricing recommendations	X
Lease-up projections	X
Estimated hard and soft construction costs	X
Operating expenses and budget	X
5 year net operating income by month	X
10 year annual proforma	X
10 year annual proforma with refinancing projections	X
Return on investment calculations	X
Marketing plan	X

Please note the type of demographic and competitive research done depends on what type of storage facility you are focused on developing: self-storage, boat and RV storage, flex warehouse, storage condos or industrial outdoor storage.

If you have a parcel or submarket you are considering developing, schedule a preliminary report and get Sensei’s initial take on its viability. Your first preliminary report is FREE.