Overview: We have appraised numerous self-storage facilities throughout Cook County and beyond.  Through such bulk of experience in this very unique market, we have developed great expertise.  

Property Description:  Public storage facilities require that renters have easy access to space but also a high level of on site security.  The excerpt below details how the specific needs/build out of public storage facilities plays into the valuation process. 

Success: In addition to learning through practice, we receive several publications specifically dedicated to the self-storage industry and constantly thrive to increase our knowledge and apply it to our appraisals. 

Below is an excerpt explaining the functional obsolescence seen in many of these facilities:

There are some areas of functional obsolescence found in the subject property. These functional obsolescence items are evidenced by the following:  

a.   Vehicular access to the subject is poor.  There is only one street cut along the north side of [sic] Avenue.  You can only turn onto [sic]Avenue while traveling south along [sic] Road due to a curbed median.  Also, due to its location close to the intersection, southbound exits are difficult along [sic] Road. 

b.   The subject has minimal maneuverability around the site due to the placement of the subject’s five buildings.  Many exterior doors were damaged by cars that backed up into neighboring units.  

c.   The subject was constructed for the sole use as a self-storage facility.  If the current occupant were to vacate the improvements, major layout reconfiguration would have to occur to transform the different buildings into a more typical industrial space."

d.  From our analysis of the market, the unit mix especially in the [smaller] boxes, is not in line with what is 

1.) being offered in local competitive facilities and 

2.) what is being rented by the subject.  The vast majority of the vacancy carried by the property is in the unit size [sic] to [sic] square feet.

e.  Technology has moved forward as has the public preference.  The fact the the subject has no climate controlled boxes affects its competitive edge in the market.