Self Storage Feasibility Study in Indiana

Indiana self storage: a middle of the road cell

Self storage in Indiana lands near the middle of the national pattern. SBA approved 53 loans between FY2017 and FY2026 worth $61.7 million, the state ranks 19 of 50, and storage ranks 16 of 39 among Indiana classes. A location quotient of 1.03x matches the national weight almost exactly, and the $685,000 median is 0.74x the nationwide storage median. Nothing here separates the cell from its parents, so a reader can lean on the state and class pages for context.

Half of loans fall between $406,000 and $1.2 million. The 7(a) program accounts for 32 loans and the 504 program for 21, a real estate-heavy split that fits an asset built on land and metal buildings. Franchising is 1.9%. Bank Five Nine has 8 loans and $6.3 million, Indiana Statewide Certified Development Corporation has 7 loans and $6.7 million, and Live Oak Banking Company has 7 loans but $16.3 million, the largest dollar total, which marks it as the lender for bigger projects.

Spread across the state

Madison County has 6 loans, Lake has 5, Allen has 4, and Hamilton, Howard, La Porte and Shelby have 3 each, which shows the cell spread thinly across the state and not clustered in one metro. FY2023 stands out with 10 loans and $16.3 million, while FY2024, FY2025 and FY2026 each show 3 loans.

Cancellation touched at least 12.8% of approvals through FY2024, identical to the ceiling. Indiana's charge-off measure is held back on this page for lack of depth, and its absence is not a claim of perfect repayment.

Testing an Indiana storage project

A study should measure supply per capita in the specific trade area, rent per square foot, occupancy of existing facilities and the lease-up period for a new building. Cost depends on site work and the mix of climate-controlled and drive-up units. Coverage must survive a slow lease-up. The appraisal should use stabilized income and a conservative capitalization rate, with a clear note on how long the building is expected to take to reach that level. The data also folds camper and boat parking into the storage count, which can pull the figures toward outdoor lots.