In America, the average homeowner cannot park a car in their garage. The garage has become a storage receptacle and the cars sit in the driveway. Let’s face it: we like our stuff. And we hold onto stuff because we might need it and we don’t want to be wasteful.

Some quick facts on storage in America:

65% of self-storage renters have a garage in their home

47% of self-storage renters have an attic

33% of self-storage renters have a basement

8.3% vacancy rate for self-storage in the US

If you’re looking to add self-storage to your business portfolio, now is a great time to do so. Even with current inflation and some economic woes, people are still in need of space for storage. While building a new property might be slow right now due to supply chain issues, purchasing existing properties is great place to look.

Let’s discuss the search for hidden gems of properties that might need some extra love. Current self-storage locations that are aging or small can be excellent investment opportunities.

Here are three things to assist you in your search.

  1. Search for properties that are currently for sale on the Internet.
  2. Look for underperforming properties.
  3. Look for properties without a lot of bells and whistles.

Search for properties that are currently for sale on the Internet.

Begin your search on the Argus Self Storage website to find a national network of commercial real estate brokers who specialize in self-storage properties. Weaver Realty is the Argus network affiliate for most of the state of Florida. This resource lists properties across the nation that are currently for sale. We can assist you in locating properties that fit your budget and your needs.

Look for underperforming properties.

While this information may require a little work on your part, it will pay off in the end. A hidden gem property would be one that is not fully rented out, is in need of repair, or overall has a low net operating income (NOI). Net operating income would need to be lower than other properties on the market in order for you to get the best price on your acquisition. A great (but slightly time consuming) way to find properties for sale is to stop in to a property you find and meet the owners. Spend some time networking and ask questions. You can also start by making phone calls to inquire about a property if that is more comfortable.

Look for properties without a lot of bells and whistles.

Pay attention to properties in need of repair. Look for properties without security features so that those can be added in order to attract new customers. Is there land to expand so that you can also offer boat and RV storage? Can a fence and gate system be added to insecure security and privacy? Does the current business offer other items that are really important like property insurance, UHaul or other truck rentals, packing supplies and the like?

Weaver Realty is ready to assist you in finding the perfect opportunity to add to your business portfolio. We can do the research and locate business opportunities to meet your specific needs. Call us today at 904-733-0039 and find out why we are the trusted Argus network affiliate for over 20 years in Florida.