Finding a value add in a Self Storage

Hi All,

I'm new to self storage and I would like to find out what most of you use to identify if a self storage is a value add facility.

I'm currently doing the following:

1) Below market rates in the area.

2) Possible to reduce operating expenses (Remote management, or remove staff, utilities reduced, etc).

3) Property is rundown and needs paint or paving or fencing or broken doors or bad drainage etc

4) Occupancy is low < 50%

5) Make it more secure with fencing and cameras and security gate

6) Joint venture with U-Haul to get additional revenue (they can park on the lot for 30% of revenue etc)

7) No signage or website

I would love to hear what others are using as criteria?

Thanks in advance for the help

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Finding a value add in a Self Storage

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