Adaptive Reuse: Conversion to Self-Storage - Cost PSF?
Anyone here have an idea of the cost psf to convert a warehouse building into Self-Storage? Obviously will range by location and property, but is there a loose range that people use on their BOE analysis? I've seen some estimates of around $17-$21/psf of rentable.  Does that sound like it's in the right range?
[{"id": "fvvk9g9", "text": "Hi, I work in CRE and Construction, you are asking an incredibly complicated question.\n\nWhat does \"converting a warehouse to self storage\" mean to you?\n\nHard walls? Chain link cages? I assuming you are trying to partition off the interior of an existing warehouse interior, then lease the individual units yes?\n\nWhat's the square footage? Clear height?", "replies": [{"id": "fvw2sxq", "text": "I know it's a pretty complicated question, I'm more just looking for an estimated cost psf to get my BOE analysis started.  \n\nConverting to self-storage means taking an existing building and installing units with hard walls, roll up doors, etc.  Square footage of the building is around 25k.  Not sure on the clear height - I'm just in the beginning stages of evaluation.  I'm trying to determine if it's worth investigating further.", "replies": [{"id": "fvwz4t6", "text": "Not sure you want to go to the extent of installing hard walls, look at Janus Industries they are the pre-eminent supplier of lockers and roll up doors. Your cost PSF is going to be highly impacted on if you have enough clear height to install a mezzanine and what kind of upgrades might be required to sprinklers. Also, zoning might prohibit self-storage as its not considered an active business (depending on jurisdiction). Not sure you\u2019re going to have enough scale at 25k sf and no mezz to make this work. If you\u2019re really interested in self storage you could look at offering on-demand storage and just racking the building. It is more staff intensive but it\u2019s very popular and demands a significant premium if the site is in a higher density area with significant condos/apartments.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fvwevr1", "text": "Check out Trachte conversion calculator. Estimate $40-$50 sf with 75-80% net rentable area.", "replies": [], "depth": 1}]