Storage Facilities as Condominium Developments

Building storage spaces as condominiums allows for a whole different approach to long term storage. In particular, a condominium approach allows for large scale storage.

You can certainly rent space from a commercial storage provider, but the space tends to be small – 50 sq feet or less. You can get larger space by actually leasing in a commercial park, but rental costs tend to be higher because the facility allows for businesses to operate, thereby requiring additional costs to maintain.

With a condominium based storage solution you can build only for storage, and build large. South of Sioux Falls they are trying out units large enough to hold touring busses, with a few units as large as 25×50 feet.

The development – Ultimate Space – indicates that the primary purchasers have been businesses to store inventory, but give a story of “the guy with too many cars” needing more space to tinker.

By buying the storage unit, you have a sense of predictable costs, control, the ability to upgrade or modify (within the limits of the bylaws) and a capital investment that may increase in value over time. As storage only units – the monthly condominium contribution should be relatively low as well.

Sounds like a great use of building under condominium governance and maximizing value to the purchasers.