Downtown Chicago (CBD) office basement storage rates - appraisal
Hello! The owner of my company is looking to sell a basement condo he owns in Chicago (right on Michigan Ave). It’s 3,000 SF and not built out, only current use is storage. Generally trying to figure out a value for it my applying a cap to some kind of monthly storage rent. Sometimes downtown offices have separate storage in the building that tenants can rent in addition to their main office so I’ve been looking for any OMs that might have this information. If anyone has any insight it would be much appreciated!
[{"id": "ipiowkv", "text": "I would apply a $1.25-1.75/SF monthly rental rate to the storage space and call it done. I've managed over 50 storage properties at my previous job, and that's a good ballpark for a CBD storage facility. I would cap it at 7.5% since it isn't true storage and you won't get nearly the amount of market attention as you would a CubeSmart.", "replies": [], "depth": 1}]