Construction management
Storage Study
Storage Study (BKB Properties) is a self-storage consulting firm that produces feasibility studies and due diligence for developers and investors working on facilities of 100 units or more. The firm also works as an owner's representative, reviews facility design, and consults on the operations of existing stores.
Engagements usually start with a $500 site review, a short look at the site, the local market, rental rate trends and demographics that the firm compares to what other consultants call a desktop study. A full feasibility study goes further into market analysis, site viability, zoning, competitive supply and financial projections, and takes about two to three weeks. GIS analysis produces a heatmap of market demand, and construction and development support is available as an add-on.
The firm says its reports are written to be read by banks, investors and developers, and that its underwriting is deliberately conservative: roughly 30% of the studies it completes end in a no-go recommendation. It reports 20+ years of experience as owners, operators, lenders, borrowers and property managers, more than 2,000 clients, and somewhere around 1,000 completed studies. Headquarters are near Richmond, Virginia and the firm says its coverage is coast to coast.
Smaller projects are a poor fit — the firm points micro-investors to its blog rather than taking the work. Ask directly what a full study costs for your market, since only the site review price is published.
Best for
Developers and investors underwriting a self-storage facility of 100 units or more who need a bankable feasibility study or an owner's rep. Micro-investors with small projects are pointed to free resources instead.
What they do
- Self-storage feasibility studies
- $500 site review (desktop-style market screen)
- Site selection and GIS market analysis
- Due diligence for lenders and investors
- Unit mix and facility design review
- Owner's representative services
- Construction and development support
- Management consulting for existing facilities
Details
| Attribute | Value |
|---|---|
| How they charge | A $500 site review covers the market, rental rate trends, demographics and a high-level read on the site; full feasibility studies are priced per project. |
What stands out
- Says it has completed somewhere around 1,000 feasibility studies, roughly 30% of which end in a no-go recommendation.
- Reports more than 2,000 clients and 20+ years of experience as owners, operators, lenders, borrowers and managers.
- Quotes about two to three weeks to turn around a full feasibility study.
- Headquartered near Richmond, Virginia, working on facilities of 100 units or more nationwide.
Common questions
- Do I need a full feasibility study, or is a site review enough?
- A full study is generally needed in markets with multiple strong competitors. In urban and suburban markets the firm says phone surveys do not produce good enough data, so it visits individual stores to build confidence in the numbers. The $500 site review is the lighter option and covers the current market, rental rate trends, demographics and a high-level read on the site.
- Will a bank accept the study?
- The firm says its full and limited study reports are written to be bankable and are organised to be read by investors, developers and lenders.
- What does it cost to build self storage?
- The firm says the average new project runs above $5M in total investment and that it works on many projects above $10M. It quotes single-story construction at $65-80 per square foot and multi-story at $75-100 per square foot in most markets, with big urban centres often higher. Permitting, lease-up expense, interest, design, land and start-up costs sit on top of construction.
- How often do projects miss the projections in your studies?
- The firm says it does not track every project after the study is delivered, but knows of only one that substantially under-performed its projections. It describes its underwriting as conservative.