Market Feasibility Reports
Best Management Services has provided FEASIBILITY and MARKET SURVEY reports to the self storage industry for over 6 years. Well recognized and accepted by all financial lending institutions, our comprehensive on site packages service a variety of investor requirements.

Best offers three different types of reports to meet your needs. The full report, suitable for submission for requests for bank financing, the “mini” study, great during property purchase due diligence to evaluate if storage is the best use, and a “snap shot” which is a first glance look at a particular location or market.

Full Package Market Feasibility Study
The full package feasibility study includes 5 sections and is suitable for requests for bank financing. We will help you to determine the "competitive trading territory", i.e. 1, 2 or 3 miles, 1, 3 or 5 miles corresponding to 5 and 10 minute drive times, or whatever is appropriate for your project.

There is a complete overview of the state of the self storage industry from a macroeconomic perspective. In this section we also "drill down" on the specific market and economic influences specific to the self storage business. Included is an extremely detailed demographics package tied to your trading area, including an "executive summary", color coded mapping of population density, “owner vs. renter occupied housing”, and "medium household income". A complete demographic comparison looks at all key relative data from 1990, 2000, current year and projected out five years. This also includes information laid out in very detailed colored graphs. Finally in this section you get the most recent available traffic count data.
 
The third section is a complete competitive location analysis with actual sit visits, summary per location, pictures, a rent roll up summary and my exclusive absorption table(s).

We then use the data to create a projected performance including unit mix with rates and estimated distribution of appropriate sizes, generation a "gross Potential Income" which then carries through along with payroll projections and expenses, into a 36 month fill up projection. Finally this is summarized in a 7 year NOI projection.
We conclude with a summary of the report and my recommendations.

The full report package also includes a visit to the local planning and building and zoning department to check out issues and possible other potential projects.

“Mini” Feasibility Study
The "mini" version of this report is 4 sections and generated with slightly less detail. The overview section is omitted, the demographics are somewhat abbreviated, the competitive analysis is the same. The financials are similar, actual unit mix and individual pricing is omitted. In its place is a simple calculation for gross potential income based on average rates and estimated coverage’s.

The “mini” study excludes build department visits.

A “mini” study can be readily converted to a full package study for an additional charge.

“SNAP SHOT” Report
A snap shot reports provides the basic demographic data, and an overview of potential competitors. Neither overview nor financial section is included.