Self storage is one of today’s fastest-growing forms of commercial real estate. One strategy that is becoming very popular with entrepreneurs is the conversion of pre-existing structures into self storage buildings. While not right for every project, this solution is a great, cost-effective alternative for many.
The recent shift in consumer habits toward online shopping has left many types of existing buildings eligible for conversion to self storage facilities. All across the country, malls, warehouses and grocery stores sit empty. Using prefabricated steel door, partition and hallway systems, these once abandoned buildings can be turned into profitable investments. Many buildings also have unexpected benefits such as expansive parking lots or adjacent building pads for additional income.
If a self storage conversion is suitable for you, the benefits can be numerous. First, a self storage conversion is cost-effective, eliminating many construction expenses. Storage Business Owners Alliance says converting empty buildings into self storage facilities reduces construction costs up to 30 percent. In addition to this large sum saved, conversions also are commonly economical in terms of heating and cooling, as well as initial permitting expenditures.
In addition to the financial aspects, conversions often come with some less obvious benefits. For example, you’ll be doing the neighborhood a favor by revamping an older building. Communities may be more receptive to the revitalization of an existing building than they would be with new construction. In addition to improving an existing element of the community, conversions require less workspace and create less mess. Your potential new neighbors are your built-in customer base, and existing buildings typically can obtain zoning and permit clearance more easily than new construction.
Conversions are not the only way to go about investing in a new, lucrative business as a self storage owner. Conventional ground-up construction is the right choice for many, but conversion provides an economical alternative that can save both time and money.
BETCO Inc., a leading self storage building manufacturer, provides the support you need to decide if a conversion project can be right for you. With the prestigious ISO 9001:2015 Quality Management System Certification plus in-house experts specializing in engineering, design, manufacturing and installation, we’ve got what you need to make your self storage venture a success.