Self Storage Feasibility Study in Kansas

Small facilities, large local weight

Kansas self storage is a record of small loans in a sector that matters a great deal to the state. The location quotient of 1.98x means storage takes nearly twice its national share of Kansas approvals, although the class sits only 13 of 39 in the state mix and the state ranks 25 of 50. SBA approved 36 loans across FY2017 to FY2026, worth $27.2 million. The median of $519,200 is just 0.56x the national class median, and the median is where Kansas parts from its own lending as a whole and from storage elsewhere. Half of the loans fall between $266,250 and $893,500.

Lenders

The 7(a) program carried 28 loans and 504 carried 8, and no loan is a franchise. Bank Five Nine holds 12 loans and $10.1 million, the most of any lender, and Rural Missouri, Inc. appears on the 504 side with 6 loans and $7.1 million,. Shawnee County has 5 loans, Allen and Johnson have 4 each, and Labette has 3.

Calendar, and rates we withhold

Lending has grown: FY2018 had a single loan of $268,000, FY2019 had 4 loans and $2.1 million, and FY2026 recorded 5 loans and $5.9 million. Kansas gets no printed cancellation figure and no charge-off figure, because both early cohorts sit under the 30 loan floor, so nothing about how often storage approvals fail can be said from this cell.

What a Kansas storage study has to test

With loans this small, many projects are single sites in smaller towns or expansions of an existing facility, and the study should say which. The first test is supply: how much rentable space already exists per household nearby, and how full it is. Next comes rent, which must be compared with nearby operators for each unit size, with climate control priced separately. Land and site work are a larger part of a small project than the buildings themselves, so permits, drainage and access should be confirmed early. Coverage should reflect a slow lease up and a rent discount used to attract tenants. An appraisal will rest on stabilised income, so the absorption schedule is the assumption that deserves the most scrutiny.

A coding limit

Storage for vehicles and boats lacks a code of its own; such sites may be filed as self storage or as general warehousing, so the cell may include or miss such projects.