Feasibility Study Package

Self Storage

Since the inception of Storage King, Sterling Management has been an invaluable asset. Their expertise in the storage industry has been key to the success we have experienced and their diverse and creative way of thinking has helped us through the economic decline.

Joe Caparelli
Managing member
Storage King, LLC.

I hired Sterling to open our 80T sq. ft. project in Seattle in 1996. They achieved stabilized occupancy within a year, and have since maintained in excess of 90% occupancy even in the most of difficult economic times. We are now expanding and trust Sterling to achieve the same results. We are also developing a new site and will look to Sterling's leadership to achieve RESULTS. I trust Sterling.

Tom Nickerson

Nickerson Investments, LLC

Since 1996, Sterling has delivered 90+ percent occupancy rates at both our mini-storage facilities, despite severe economic challenges of the 2010+ era. They also did the feasibility study, start-up, and fill-up within one year of our latest project.

Carl Mineri
President
Tropicana Mini Storage

In 1994, my company partnered with Sterling to develop a full-service record storage center, Sterling Records Management, Inc. My partners and I feel that Sterling principals are outstanding business people, and our relationship has proven to be extremely profitable, even beyond our greatest expectations.

Eugene Rosen
Managing Director
Litchfield Companies, LLC.

I partnered with Sterling to acquire a underperforming project in Port St. Lucie. Sterling had the skill to bring the project into peak performance quickly. We sold the project in 2002 and earned a handsome ROI together.

Carl Minieri
President
Wyndham Investments

Sterling managed six self-storage projects my partners and I acquiried through bankruptcy in the late 1980's. Sterling took 40% non-performing projects and turned them into 95%+ profit centers within one year. Sterling ran the projects for 6 years until we sold them. Sterling not only made us money in all of these projects, they achieved results far beyond our wildest expectations.

Eugene Rosen
Managing Director
Litchfield Companies, LLC.

Iâ€™ve done business with Sterling principals since 1984, and partnered with them on several projects since 1997. Three words say it all: Trustworthy, Smart, Results.

W. Major Chance
President
Income Property Group

We have developed Business Plans with Operating Pro formas for many different kinds of businesses over the past 20 years. When combined with Sterlingâ's hands-on management expertise, pro forma results were realized within the time specified in Sterling's projections.

Various conditions other than statistics on population, density, housing types and economic conditions of the area can and do affect the potential for a successful self-storage location. There is no magic formula to determine absolute success.

Simply having a great location will no more assure a developer of success, just as having a poor location will not necessarily prohibit a location from being successful. When a developer weighs the good and bad aspects of their site, they make their decision after analyzing all of the factors separately and together. The Feasibility Study gives the developer the necessary tools to make such an analysis.

Our market analysis & feasibility study ensures that the location and market of your proposed self-storage acquisition or development site is consistent with your investment goals. As an objective third party, our detailed, yet concise study validates to your investors and financial institutions that your vision and proposal are congruent with the self-storage market needs. The completed Feasibility Study includes:

Introduction to Self-Storage (intended to acquaint lenders unfamiliar with the industry).

Location: Specific conditions affecting the proposed site

New facilities either in construction, proposed or pending approval
Existing facilities that are planning expansions
Analyzes ingress/egress, proposed changes in the community, or other factors that could affect the viability of the project

Competition Analysis - Information collected in the study includes specific data pertaining to competitive facilities within the market area, for example:

Type of construction
Type of management
Occupancy percentages
Appearance
Amenities
Rate Survey
Number of Units
Combined rate comparison of market

Also provides a summary analysis of overall competition and scores the subject siteâ€™s probability of success against the market.

Demographics - Compares the subject site to other successful facilities. Evaluates 14 specific common traits shared by successful facilities throughout the country to determine the common traits of the subject site and, thus, its probability of success.

Market Demand for Space - Analyzes total square footage leased in the subject market and extrapolates future growth of the area to determine amount of additional square footage the market can absorb.

Unit Mix - Sterling will recommend an optimum unit mix for the subject site, including a division of units between climate controlled versus non-climate and/or upstairs versus downstairs, if applicable.

Pricing - The study will include a complete rate survey along with an average rate by unit size in the subject market. Sterling will then recommend pricing for the subject site to create a Gross Potential Income for the site. This information can then be used to create pro forma projections by the developer and/or will become the basis of the pro forma created in the Business Plan.

Summary of Findings - The study will be summarized by scoring the probability of success for the subject site.

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