308. 90 Days After Buying an Abandoned Self Storage Facility

Key Takeaways:

Occupancy dropped from the seller's claimed 93% to as low as 58%, but has now climbed to the high 70s.

Partnering with a moving company (Six Demand Movers) provides unique advantages in filling units and getting above-market rates.

Major operational challenges included:

Transferring property management software

Onboarding a call center

Fixing maintenance issues (gate, HVAC, doors)

Tenant retention strategy focuses on:

Responsive maintenance

Flexible fee policies

Building relationships

Serving long-term, multi-unit clients

Future plans include:

Reaching near 100% occupancy

Adding 40-52 new units using shipping containers and movable units

Potentially expanding to 130-140 total units

Improving property curb appeal

Key financial insights:

Each unit is worth approximately $17,300

Adding units can significantly increase property value

Avoiding marketing expenses creates substantial value

Seasonal considerations: Peak moving/storage season is March to October, with slowest months in January and February.