While strong RV and collector car sales have fueled a demand for storage facilities, skyrocketing real estate prices limit rental space development. Not only are RV and collector car owners being affected, but so are owners of smaller recreational vehicles, such as off-road vehicles, boats, and classic cars. They simply don’t have the room to store all of their big boys’ toys.
Ted Deits, the head Monster at MonSTORE Garages, realized 13 years ago that there was a gap in the spawning self-storage rental market. Deits said, “The bread and butter of the self-storage industry are the 5′ x 10’s and 10′ x 10’s that commanded high per square foot rental rates.” Ted said, “Ignored were the needs of the RV or car owner, as larger storage units could not support the higher rental rates of the smaller units and required immense driveway widths for maneuverability.” So, there was a gap in the market for units larger than a garage, but smaller than a warehouse. Enter garage condominiums.
Ted Deits continued, “I recognized this gap in the market and began construction of 60 individually owned Garage Condominiums in Minden, Nevada.” Ted said, “I am an avid off road and RV enthusiast, and I had a real problem finding suitable storage for my large vehicles.” Ted continued, “It dawned on me that there was a better way by building large garages and offering them for sale rather than renting them.” As it turned out, he was right. He has marketed 4 garage condominium projects, consisting of approximately 425 individual garages in Beaumont, Palm Springs, Coachella and Prescott, AZ.
Ted Deits continued, “All of the garage condominium projects sold out before construction could be completed. Half of the new buyers came from our recently completed garage condo projects, buying additional Garage Condominiums to add to their portfolio. All of our Garage Condominium projects have enjoyed significant appreciation, as well as lower overall monthly costs vs. self-storage rentals.”
“The Lake Tahoe area, as well as secondary markets like Minden, Gardnerville, Carson City and Reno are prime areas to develop this relatively new product, as current storage facilities are full and many are what I would consider subprime in features and amenities,” Ted said. “We are very much looking forward to bringing this exciting product to the Minden, Lake Tahoe and Carson City areas and proving there is a better way.”