Free video training from Mark Helm
How to Analyze Self-Storage Expansions & Conversions
Two training videos from Mark Helm on working out what you could pay for an expansion or conversion opportunity and estimating the potential cash flows.
- Video 1: How to analyze an expansion
- Video 2: How to analyze a conversion
- Step-by-step, using your own assumptions
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Where expansion and conversion numbers go wrong
Expansions and conversions are two of Mark's favorite kinds of projects, and also where he has made and seen some of the most common analysis mistakes. A few he writes about:
Go easy on new-space rents
When he models an expansion, Mark projects the new space below current rates and stress-tests the project at lower rents to see if it still holds up.
Expect surprises in old buildings
On conversions he budgets a bigger contingency than on new construction, after an unexpected code requirement on his first conversion blew through the usual cushion.
Make it look like storage
He spends real effort on a converted building's exterior so it reads as self-storage, not an old retail box with units inside.
About Mark Helm
Mark is a self-storage investor, CCIM and author. He shares what he has learned since 2000 about buying, building, converting and operating self-storage on the Creating Wealth Through Self Storage podcast and blog.
Watch the free videosGeneral education about the self-storage business, not investment, financial, tax or legal advice. Results from any worksheet or tool are estimates based on your own assumptions. Disclaimer