Real Estate Professionals. Trusted for Decades.
Thorough Market Research
A tried and true due diligence process
New locations are well-vetted to project performance. UPG Demand and Feasibility Models integrate proven methods with the latest technology for projecting development costs and revenue streams in specific markets.
Feasibility Studies offer detailed analyses of a target market surrounding a subject location to determine whether a self-storage, boat/RV project is expected to be economically viable. The study begins with a Target Market Residual Demand Analysis to calculate potential NRSF we believe will be supported in your target market. Typically, if there is sufficient demand for additional storage in the market, we are asked to perform a complete Feasibility Study. Any study requires an initial down payment of 50%. If during the initial research, we conclude that the site is not a viable option for self-storage, we will notify the client, end the study, and not charge any further fees for our services.
Option 1 → Target Market Residual Demand Study
— Define target market
— Analyze demographics
— Project Residual Demand for Self-Storage NRSF
— Weight NRSF for type of Self-Storage Product (Climate Controlled, Non-Climate)
— Recommend % Unit Mix for Product
This comprehensive study includes what we believe to be the essential elements needed for development and for presentation to a lender or prospective partner. We project a 36-Month Pro Forma including gross potential rent, the expected operating expenses for your project, and estimate Net Operating Income based on our projected leaseup rate for your market. The study will provide an overview of the market and a detailed analysis of the competition surrounding your tract. Our research will indicate if your location appears to be a good candidate for a profitable self-storage development and will help define the net rentable square footage and product mix that we believe will most closely meet the expected demand for self-storage at your site. *Our study prices are non-negotiable. No two or more subject locations may be combined into one study.
Option 2 → Premium Feasibility Study
ANALYSIS OF TARGET MARKET
— Trade Area Definition
— Radius Study
— Demographics
— Target Market Weighted Residual Demand
ANALYSIS OF COMPETITION
— Target Market Competition Survey
— Supply & Pricing
— Class & Competitiveness Rating
ANALYSIS OF SUBJECT PROPERTY
— Access
— Visibility
— Identify Potential Barriers
CONCLUSIONS & RECOMMENDATIONS
— Should You Build?
— What Should You Build?
— When Should You Build?
— Unit Mix Suggestions
— Construction Considerations
— Pre-Bid Cost Estimates
PRO FORMA
— Itemized Monthly Income & Expense Projections
— Pro Forma Related Assumptions
— 36 Month Net Operating Income Projections
Masterfully Crafting Success, For Decades.
Industry-Leading Consulting Solutions
Unique solutions for specific real estate needs.
Target Market Residual Demand
Calculating needed NRSF for Individual Markets.
Premium Feasibility Study
In-depth projections for cash flow, DCR and ROI.
Working with UPG: Data Drives Decision Making
Analytical Expertise
Led by CEO, Julie Farrar, UPG has a track record of excellence in reliably delivering detailed analyses of a particular market/location to determine whether a self-storage project will be economically viable. Julie has been an active owner/operator in the self storage industry for over 30 years and has been directly involved in all phases of development, construction, management, and marketing efforts for a variety of different properties in diverse markets. She also serves as a self storage consultant, and speaker, while also regularly contributing editorially to various self storage industry publications.