MISCELLANEOUS PROPERTY TYPES
Gradual growth of planning department anti-worship facilities bias over the past 50 years has generated a supply/demand imbalance. As worship facilities expand, they occasionally reach the point where existing facilities become inadequate; however, in many cases additional expansion is not allowed, and the lengthy (years) approval process for new worship facilities development in an alternative location is prohibitive. Subsequently, when a larger worship facility becomes available, the ultimate purchase price can be a result of prospective purchasers making offers exceeding the initial asking price.
Self-storage facilities also need ease of access and, preferably, a location near larger employment or population bases, although profitable exceptions exist. Visibility and exposure are also important in terms of maximizing occupancy levels. We have appraised self-storage facilities in diverse locations, both urban and rural, ranging from under 100 units to nearly 1,000 units. Generally speaking, self-storage development can enjoy above-average profitability. Where demand is favorable, income levels can justify values significantly exceeding development costs. In addition to visibility, exposure, and location, adequate/evident security and conscientious management are necessary to maximize income productivity.