Scott Krone Featured On The Target Market Insights Podcast

 

TMI Blog Post Ep 168 (1)

Podcast: Target Market Insights With John Casmon

Topic: How To Find, Develop, And Finance Self-Storage

In this episode, John Casmon sits down with Scott Krone who is the Founder of CODA Management based in Chicago, IL. They partner with investors to find and convert warehouses and office buildings into climate-controlled, self-storage facilities. CODA has over 47 syndications and 400,000 sq. ft with 2,750 storage units under management. Today, Scott shares where he finds opportunities, his criteria and tips for working with local officials.

 

Some key takeaways from the interview include:

  • Could not find distressed self-storage, so he focused on development

  • Converted an empty warehouse into a self-storage

  • Started in Chicago, expanded to Illinois, Wisconsin, and Ohio

  • Future opportunities in Kentucky, Michigan and North Carolina

  • Seeks 70,000 - 110,000 sq. ft of empty commercial spaces

  • PACE Financing and Opportunity Zones

  • Hire CubeSmart to manage the renovated self-storage facilities

  • Biggest risk for self-storage is competition within a 3-5 mile radius

  • Key Stat for Self-Storage: 7 sq. ft of lockers per capita

  • Commercial and Resident Users for Self-Storage

  • Check with city officials on zoning process, permits and approvals

  • Leverages PACE Financing and was the first opportunity zone and PACE financing in Ohio

  • PACE is a program providing energy efficiency financing

  • Opportunity Zones are an enhanced benefit, not as the reason to buy

  • Drive for subcontractors on projects when you need specific labor

Listen to the full interview and read the complete show notes here!