Business Idea sort of- polling drivers?

#1

I would like take an informal pole?

If you had a car only storage facility. Think of it as off site storage for you car, tires and track stuff. This storage place also had a car lift open for anyone who stores their car to use, along with pressurized air.

How many people would move their car out of their garage or current storage option? and what would you pay per month for this type of facility?

How close would it have to be to your place of residence?

Reason… I am thinking of buying about 5000 sq ft, flex space/warehouse space building (unit within a building). I need about 2000 sq feet for Broadreach, leaving me 3000 sq ft extra.

I could create a secure area to rent out parking spaces for race cars or someone who simply is out of room at home for parking a thrid car. I would provide a secure area, lift and air. Also there is fenced in and secure property in the back for car trailer. Finally it would be somewhat temperature and humidity controlled. Let’s call it "racers garage and storage".

I am trying to assess the posibble demand and revenue stream. I wonder if I could offset the cost/debt of the building or how much I may be able to offset it.

Any feedback?

  1. Do yo like the idea?
  2. how close does it have to be?
  3. f you lived within your answer to the above question would you move your car?
  4. what would you pay per month, parking space, some storage, lift and air?
  5. what extra would you pay for the ability to also park your car trailer? (I am assuming some people would use it for fancy street cars or antique cars, and may not get any value in the trailer storage option)?
  6. any other feedback…

Carlton

#2

I have seen ads for condo storage garages so there is a market for this - just depends on the demographics of the area because people aren’t likely to want drive too far. Also, don’t underestimate your liability.
cheers,
bruce

#3

Carlton,

Not sure what Motorhome storage rates are in Raleigh, but here in VA Bch its about $90/month for outdoor and $150/month indoor.

brain

#4

Carlton,

I looked into places for storing my trailer locally - averaged about $100/mo. Fortunately, I found somewhere for free. I am thinking about doing the same thing here locally, for Mike D, his friends. other racers, to work on their cars, have acess to a lift, etc.

For me, 20 miles would be my limit for distance from home. I would be willing to pay up to $100 for controlled environment storage and maybe another $25-50/mo for acess to air/lift.

You might also want to think about tire/wheel storage. If you are thinking that folks might want to do maintenace there as well, tools/air tools/shop towels/etc. are are issue. You also might want to wire in some 220 V for welders.

Great idea and sounds like fun.

Ed

#5

Needs some good couches and a big screen for F1 racing.

Thought about this several years back and it would be very cool…

Way too much $$$ to get it going. But I think it would work.

Ric

#6

Carlton,

Good Idea. I don’t have a race car yet and can’t afford storage but if I did, $150 per month at 2530 miles sounds fair enough.

I think the idea would work but at $150/month that folk here seem willing to pay it does not sound like a praticularly lucrative business. However, if you are going to buy a piece of real estate anyway, you might as well share it with your friends at a nominal rate. Lot’s of racers/collector are looking for space and access to a lift could be huge. Secondly, if the rent you take in from tenants helps to get you to a number that is within your budget for the 2000 sq ft you need, you come out ahead. Why? because you pay for 2000 ft and you actually have 5000. When you go to sell it is worth that much more. Plaus, youv’e had fun helping out yourf friends.

Don

#7

Carlton,

I think its a great idea but it is unlikely to gain enough interest or participation from the Spec E30 guys in the Triangle area alone. You would probably do well to open it up to other racers in the area. You could post this type message up on Triangle Sports Car Club or NCEuro.org. Also, for those just needing to use a lift and air for a day you could rent it out at a daily rate. Liability would be another consideration that you would need to address.

Keep us posted.

- Ken
#8

I’d be interested… the car’s in Bahama (NC), right now… ~$90/ month?

#9

Build it and they will come. From one small business guy to another, buying our building was the best investment that we’ve made. Call and I’ll give you some of the details. And, once you have a lift you’ll wonder how others get along without one. At least I wonder… Regards, Robert 770-886-2500

#10

I know if there was a place like that in Atlanta my dad would be all over it. Not sure what he would pay for it though. $150 a month seems somewhat steep, but not absurd.

Not sure what distance would be a max., but I think more than a 45 minute drive would be a stretch.

I used to rent out a shop space with a dedicated lift with plumbed air and water in Lynchburd, VA for $100 a month. Got the dating-the-niece rates at the time, but when we broke up it didn’t go up. I was able to sub-lease to a buddy with a 68 Caddy for $50 a month, so it was a smoking deal for me.

#11

Great feedback so far, please keep posting. I am working on an excel sheet for the cost side of things, remember the goal is really not to make money, but a cash flow neutral. Than 10 years out maybe I own the building out right and at that point can earn some small positive cash flow. I jus figure there has to be a lot of people facing similar challenges to their car hobbies, whether it is E30, other racers, or car buff that have too many cars.

so keep posting your thoughts!!!

#12

Carlton,
I think it’s a great idea. Some of us DC guys would jump at the idea of cheap storage. The Salazar guys have looked into renting/buying space for a shop with a lift where we can store cars, but it goes well beyond our budget.

I have to imagine it would do great anywhere near the city. Good luck!
-Vic

#13

A few years ago, I kept my ITC Civic in a warehouse with other renters. No heat, no air, and no lift. Oh…we did have a garden hose out back. :slight_smile:

It was definitely a dive but was $75.00 for a 10’X25’ spot so two of us shared one spot.

And one of the locals brought a no-teeth bum friend in who cased the joint. He didn’t steal anything from me but a few guys had some trouble getting their tools back.

So security is always a concern, not necessarily from the renters but from others.

Being a spec E30 car owner, there’s not a lot to do but having a lift would be nice, especially for oil changes on a street car.

I would pay up to about $30 for outside trailer storage and about $100.00 for indoor car storage, if the area is big enough for me to work around the car.

I used to drive about 20 minutes and that’s about all I would want to do.

Keep us up-to-date on your plan.

Carter