photo of a self-storage property

National Realty Counselors offers a market feasibility analysis that considers the demographic characteristics of a market area for a proposed or existing self-storage property.

This analysis carefully segments the impact of competing properties within the trade areas and quantifies the impact of their population overlaps as it relates to the overall demand and supply relationship within the trade area. With this information, developers, investors and lenders can make critical decisions with a high degree of confidence.

With this comprehensive market analysis, we are doing something more than just collecting data. We are providing valuable information using our unique approach that considers changing market areas and competitive environments. Our experience ranges from diverse portfolios to complex mixed use properties with self-storage components in barrier-to-entry locations. Kent D. Steele, CRE, MAI, FRICS has developed a methodology for allocation of the intangible business asset value from the going concern in self-storage properties, which allows for satisfactory results in assessment appeals.

Specific real estate services offered by National Realty Counselors include:

  • Market Feasibility Studies
  • Absorption and Financial Projections
  • Appraisal Services
  • Bankruptcy
  • Litigation Services

Representative Self Storage Engagements

  • Various Cities in Illinois. Mr. Steele was engaged by an attorney on behalf of a property owner. The portfolio includes 12 properties in three metropolitan areas. The purpose of the appraisal was for estate planning purposes.
  • Algonquin, Illinois. Mr. Steele was engaged by a lender to prepare an appraisal for a self-storage property that was nearing the end of its phase one lease-up. Proposed phase two improvements also were included in the appraisal, which considered a dynamic absorption analysis of the remaining vacant phase one space and the additional phase two space. It included both climate-controlled and standard spaces.
  • Kankakee County, Illinois. NRC prepared appraisals for a four-property portfolio for a lender.
  • McHenry County, Illinois. Mr. Steele prepared an appraisal of an existing self-storage facility for an ad valorem assessment appeal. As part of the assignment, he allocated portions of the going concern value to the intangible business asset value and furniture, fixtures and equipment.