This month’s newsletter has just been released! Check out the latest tips for tenants and users of commercial real estate space.
In this issue
- The Self-Storage Facility – A Good Investment?
- Financing Land For Development
- First Impression Checklist For Marketing Apartments
- Finding Vacant Land To Develop
One in ten U.S. households now rent a self-storage unit. The growing demand for self-storage in the U.S. is created by people moving (some 40 million people move each year according to U.S. Census data), and by various lifestyle transitions, such as marriage, divorce, retirement, a death in the family, etc. Recent surveys of self-storage companies indicate a positive trend in market demand and occupancy rate. The increased demand for storage space outside the home include the larger number of apartment dwellers who do not have any storage space for their increasing amount of possessions–usually household goods, and outdoor recreational equipment. For many years, facilities functioned as transitional solutions to moving, marrying or divorcing, or a death in the family. Now the self storage units are used to store not only household items but cars, RV’s, motorcycles, snowmobiles, boats and trailers, and all kinds of recreation equipment. Many areas do not allow recreation equipment to be parked in driveways and yards, so the self storage units are the perfect solution to this problem.
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When an investor purchases land to build on, the next step is land development and financing. “Land development” cannot be precisely defined; generally, it refers to the physical, legal, and engineering processes needed to convert raw land to land (or lots) on which buildings can be placed……(more)
A new tenant and an investor share the same impression of an apartment property from the curb. Before marketing apartments, think about the outside appearance. The “look” affects not only an ability to attract prospective buyers, but the rental program as well. First impression by both expected buyers looking and tenants alike are crucial. The following is a checklist of first-impression items that a good property manager must use……(more)
In major cities, looking for vacant land is difficult. A builder can look for vacant land but also must look for buildings that are in a condition that looks like they are no longer productive. A neighborhood that is in decline might be rejuvenated by tearing down a building and replacing it with a new office building, high-rise shopping center or apartments. Starting with one property might transform several blocks of a blighted area over a period of months or years. If an opportunity like this presents itself, it can be time to get options to purchase adjoining properties. An owner of an old building may be just waiting for an offer of some kind……..(more)
