I'm thinking about buying a storage condo -- basically, a 60x20-foot warehouse unit. It's in a storage development near my home. It has 18-foot ceilings, two 14-foot doors at either end. I'd use it to store my old hoopties. Would anyone on the forum with experience owning real estate like this have any gotchas I should look out for?
Storage condo -- anyone been there done that?
- Thread starter MrGraybeard
- Start date
They have them in Powell, OH called Horsepower Farms. Google Powell Car Condos if anyone here wants to see what it is. My biggest fear would be fire.
I think the standard questions about condos and HOAs apply:
1. How old is the property? Is there a maintenance backlog to be done?
2. Status of maintenance fund and how do larger expenses get pro-rated?
3. Talk to your insurance agent about how to insure for contents and liability.
4. Do cost analysis between a stand alone property and this unit.
5. How is the condo governance set up and can you personally tolerate how it is managed?
6. How would the sale work if you need to relinquish ownership for any reason?
I am sure there are other questions to be answered. Never have been a fan of condos, so this is my perspective before I jump in.
1. How old is the property? Is there a maintenance backlog to be done?
2. Status of maintenance fund and how do larger expenses get pro-rated?
3. Talk to your insurance agent about how to insure for contents and liability.
4. Do cost analysis between a stand alone property and this unit.
5. How is the condo governance set up and can you personally tolerate how it is managed?
6. How would the sale work if you need to relinquish ownership for any reason?
I am sure there are other questions to be answered. Never have been a fan of condos, so this is my perspective before I jump in.
GON
$175 Site Donor 2026
I rented a storage condo in the greater Phoenix area when real estate was somewhat depressed, about 15 years ago.
Loved the condo. Huge opening, huge/ tall overhead doors. Could put anything I wanted into the condo.
The issues, IIRC no power was allowed in the condo. Might have to assume in the Midwest, heat might be an issues. My observations was 80 percent of the owners rarely went to the condo. The other 20 percent were always there, often/ regularly blocking other owners doors, etc. This small condo storage development had a full time manager- so I can imagine monthly assessment fees were high.
Think they are a decent idea, but like any condo- it comes down to your neighbors/ other owners. You don't mention where in the Midwest you are. Midwest might be harder to resell when compared to the south/ southwest, etc. Picking the right unit in a development is also part of the decision making process. Is your unit away from high traffic areas (like the entrance exit)? Is the condo at a turn making it hard to load/ unload without blocking someone else?
Supplementally- I suspect most rules prevent a business from running out of a storage condo. I found were I was guys weren't running a business out of their condo, but they were indirectly operating a business out of there condo. Is a contractor owning a unit, leaving nails and stuff regularly on the condo driveway? Does the contractor load/ unload heavy equipment on the driveway that wasn't designed to handle the weight? All issues to have awareness of as part of the decision making process.
Loved the condo. Huge opening, huge/ tall overhead doors. Could put anything I wanted into the condo.
The issues, IIRC no power was allowed in the condo. Might have to assume in the Midwest, heat might be an issues. My observations was 80 percent of the owners rarely went to the condo. The other 20 percent were always there, often/ regularly blocking other owners doors, etc. This small condo storage development had a full time manager- so I can imagine monthly assessment fees were high.
Think they are a decent idea, but like any condo- it comes down to your neighbors/ other owners. You don't mention where in the Midwest you are. Midwest might be harder to resell when compared to the south/ southwest, etc. Picking the right unit in a development is also part of the decision making process. Is your unit away from high traffic areas (like the entrance exit)? Is the condo at a turn making it hard to load/ unload without blocking someone else?
Supplementally- I suspect most rules prevent a business from running out of a storage condo. I found were I was guys weren't running a business out of their condo, but they were indirectly operating a business out of there condo. Is a contractor owning a unit, leaving nails and stuff regularly on the condo driveway? Does the contractor load/ unload heavy equipment on the driveway that wasn't designed to handle the weight? All issues to have awareness of as part of the decision making process.
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If you just need storage for cars, a ground level storage unit rental or two may be a better option. And you may be able to move between places to score new tenant deals. Think of all the condo costs - property tax, unit insurance, association fees…
Does it have electricity? Check for signs of leaks.
The concept is interesting. I have a classic car but currently limited to what upgrades I can make due to size of garage at home. It would be convenient to have an offsite location to pull an engine, upgrade complete rear axle assembly, and generally any big job that requires space to stage components during disassembly-reassembly.
Yes, 110 and 220. It's also metered for natural gas. It's brand new, so no leaks. It has interior walls made of strandboard and excellent lighting. Ceilings are 18 feet with 14-foot doors. It is a nice unit. Builder says the floor will support a lift.
Wife and I have lived on an old farm for 38 years. We're moving into town this year, and I have a barn full of car stuff. The garage at the new home is big enough for a couple of subcompacts. Everybody in the subdivision has a couple-three cars in their driveway, so I'm sure they also find their garages inadequate. But it's a nice quiet neighborhood in a pretty little town. Oh, and the storage unit is about a mile from the house.
Without a storage unit I'd have to get rid of a couple cars, a bunch of tools and lots of spare parts. I'm getting old, but I don't want to give up my car hobby quite yet.
The unit is in a 60x80-foot building. They can be configured into 60x20 or 40x30-foot spaces. There are apparently some 20x30-foot spaces sold as well. That would be about 50% more square feet than the garage at the new home but not really a space that would accommodate a lot of storage.
Someone on another forum asked about HOA fees. Yes, there is an HOA, and quarterly fees. The builder estimates they'll be $1k-$1200/yr. He's still building units on site as demand requires.
They can be a good investment as well as a nice place to store stuff (like cars!). I bought into a Garage Condo community and have been very happy so far. There are about 250 garages and it is very well managed. Taxes are low because they are not classified as commercial or residential. HOA dues are also low because they are all new and the cost is spread out over a large number of units. All of these units are for storage only since the only utility available is electric and there is no plumbing at all. My unit is large enough to hold four small cars.
The guys who came up with the idea, made a killing. My unit has appreciated considerably in just four years. I should have bought a couple of them.
60x20 is a very nice sized unit. You can put lots of stuff in there! Go for it!
The guys who came up with the idea, made a killing. My unit has appreciated considerably in just four years. I should have bought a couple of them.
60x20 is a very nice sized unit. You can put lots of stuff in there! Go for it!
