WHO
Who hires us
- Developers planning ground-up self-storage
- Owners weighing an expansion or a conversion of an existing building
- Investors and joint-venture partners evaluating a project
- Buyers testing an acquisition and its upside
Self-Storage Feasibility
Self-Storage Feasibility Studies for Development Projects Nationwide
Twin Oaks Capital prepares professional self-storage feasibility studies for developers, owners, and investors. Before you buy land, build, expand, or convert, we test whether the market, the site, and the numbers support the project.
What a study answers
Can this site support a profitable self-storage facility?
A self-storage feasibility study is the first step in a development decision. It brings together a self-storage market analysis, a site evaluation, and a financial review so you can see demand, competition, the right product, and the likely return before capital is committed.
Charlie Kao, Principal and Founder of Twin Oaks Capital, owns and operates self-storage in Michigan and has taught feasibility to the industry through Inside Self-Storage. As a self-storage feasibility consultant, Twin Oaks looks at a project the way an owner and builder would, not only as a data exercise.
Who needs one, and when
Use a study before the big commitments.
WHEN
When to order one
- Before you close on land or sign a purchase agreement
- Before you finalize a site plan, unit mix, or construction contract
- Before you ask a lender, partner, or investor for capital
- When a market looks busy and you need to know if it is saturated
WHY
How it helps you decide
- Shows whether demand supports more storage in the trade area
- Points to the product and unit sizes the market needs
- Compares cost to build with achievable rent
- Flags risks early, while walking away is still cheap
Scope of work
What goes into a Twin Oaks feasibility study.
Every study is built for a specific site and project. The work falls into three parts.
01 / MARKET
Self-storage market analysis
Who will rent here, who already serves them, and how much room is left.
- Trade-area definition and market demographics
- Population, household growth, and income trends
- Existing and planned self-storage competition
- Competitor occupancy, rental rates, unit mix, and amenities where information is available
- Market supply, demand, and saturation
02 / SITE
Site and development analysis
Whether this parcel works for storage, and what it will take to build.
- Site location and accessibility
- Visibility, surrounding development, and market positioning
- Zoning and development considerations
- Site-specific opportunities and constraints
03 / FINANCIAL
Financial and feasibility analysis
Whether the project pencils, and under what assumptions.
- Demand projections
- Potential unit mix and rentable square footage
- Rental-rate assumptions
- Stabilized occupancy and revenue projections
- Development feasibility and potential market risks
Charlie has written about this method in public. In 3 Vital Parts of a Self-Storage Feasibility Study he covers demand, unit types and sizes, and cost to build compared with rent per square foot. In 6 Critical Site-Selection Factors for Self-Storage Development he covers zoning, topography and soil, easements and surveys, access and traffic, competition and demand, and utilities.
Real assets · Operator proximity
Deliverables
What you receive.
You receive a written feasibility report for your site. It opens with an executive summary and a clear conclusion, then lays out the market analysis, the site and development review, and the financial analysis behind that conclusion, with the assumptions shown so you and your partners can challenge them.
- Executive summary with the overall finding and key risks
- Trade-area definition and demographic summary
- Competition survey with occupancy, rates, unit mix, and amenities where available
- Supply and demand analysis, including saturation
- Site and development review, including zoning and site constraints
- Recommended product type, unit mix, and rentable square footage
- Rental-rate assumptions, lease-up, stabilized occupancy, and revenue projections
- Development feasibility, comparing cost to build with achievable rent
How the report helps you
Use it to evaluate whether a proposed location can support a self-storage facility, understand local competition and market demand, assess development opportunities and potential risks, and make informed land acquisition and investment decisions. It also gives you organized market and financial support to bring to financing, investment, and development conversations.
Feasibility options
Pick the depth you need.
FULL STUDY
Custom feasibility study
Market, site, and financial analysis for a specific project. The right choice when you are about to buy land, build, convert, or expand.
FOCUSED SCOPE
Market analysis or site evaluation
Need one part first? We can start with a self-storage market analysis or a site evaluation and tell you if a full study is worth it.
FOR LENDERS
Third-party feasibility review
An independent review of a borrower's feasibility study, pro forma, and assumptions for a proposed self-storage loan.
ENTRY LEVEL
$49 supply and demand report
A fast read on one address: facilities, rentable square feet, and posted rates in the 1, 3, and 5 mile rings, with a demand verdict.
For lenders
Third-party feasibility review for lenders.
Lenders and credit teams can engage Twin Oaks Capital for an independent, third-party review of a proposed self-storage project. We review the borrower's feasibility study, pro forma, and key assumptions against the market, the site, and the cost to build, and we give you a written summary of what holds up and what does not.
Charlie Kao is a former commercial loan officer who now owns and operates self-storage, so the review reads a deal the way a credit committee and an operator both would. He has written about what lenders look for in The Self-Storage Investment Pro Forma: 7 Areas on Which to Focus for Accuracy and Appeal.
- Demand, supply, and saturation in the trade area, checked against the borrower's study
- Competitor occupancy, rental rates, and unit mix where information is available
- Site, zoning, and development considerations
- Rental-rate, lease-up, and stabilized occupancy assumptions
- Revenue and expense projections, cost to build, and operating reserves
- Key market and development risks, stated plainly
About Charlie Kao and Twin Oaks Capital
Feasibility from an owner, builder, and industry educator.
Charlie Kao (Charles Kao) is the Principal and Founder of Twin Oaks Capital, a Grand Rapids, Michigan commercial real estate firm focused on self-storage and multifamily assets. Twin Oaks provides real estate brokerage, asset management, feasibility studies, consulting, and construction management. Twin Oaks and its affiliates have owned, operated, or planned more than 3 million square feet of self-storage, as noted by Inside Self-Storage in its course announcement and education session page.
Charlie owns and operates Allegan Self-Storage in Allegan, Michigan and Newaygo Self Storage in Newaygo, Michigan. His background includes commercial lending, asset and property management, building, and deal documents. He is also an Associate Broker with Keller Williams Grand Rapids North and owns House of Kaos Real Estate School. That mix is why a Twin Oaks study tests demand and also tests whether the project can be built, financed, and run.
ISS COURSE
Taught feasibility to the industry
Inside Self-Storage and Charlie released a four-part video course, How to Conduct a Self-Storage Feasibility Study (February 27, 2024), covering site review, demographics, competition, demand, lease-up, rental rates, unit mix, and income statements.
ISS AUTHOR
Published on Inside Self-Storage
Charlie writes on development, feasibility, construction, and acquisitions. See all of his articles.
ISS EDUCATION
Speaker and educator
His recorded ISS education sessions include Advanced Self-Storage Feasibility and My Pain, Your Gain: The Hard Lessons I’ve Learned About Building Self-Storage. He is a past speaker at the ISS World Expo.
Selected Inside Self-Storage articles by Charlie Kao
- 3 Vital Parts of a Self-Storage Feasibility Study and What They Tell You About Your Proposed Development
- 6 Critical Site-Selection Factors for Self-Storage Development in 2025
- Building a Dependable, Repeatable Construction Budget for Your Self-Storage Projects
- The Self-Storage Investment Pro Forma: 7 Areas on Which to Focus for Accuracy and Appeal
- The Dirty Dozen: A 12-Point Pre-Offer Checklist for Self-Storage Acquisitions
- Exploring the Core 4: Choosing the Best Self-Storage Investment Strategy for Your Situation
More from Charlie on video: Twin Oaks Capital on YouTube and LinkedIn.
Process
How a study works.
01
Intake
Site address, what you are considering, and who decides. Wrong fit said early.
02
Analysis
Market, site, and financial work on your specific project.
03
Report and next step
A written report with a clear finding, and a conversation on how to proceed.
Before you call
A short checklist to gather.
You do not need a complete package to start. These items make the first conversation faster.
- The site address, and whether you own it, have it under contract, or are still looking
- What you are considering: new construction, conversion, expansion, or acquisition
- Any survey, site plan, or zoning notes you already have
- Your timeline, and what you need from the study
FAQ
Common questions.
What is a self-storage feasibility study?
A self-storage feasibility study tests whether a specific site and market can support a new facility, an expansion, a conversion, or an acquisition before you commit capital. It combines a self-storage market analysis, a site evaluation, and a financial review of demand, unit mix, rental rates, lease-up, and cost to build.
Who needs a self-storage feasibility study?
Developers deciding whether to buy land or build, owners planning an expansion or conversion, investors and partners evaluating a project, and buyers weighing an acquisition. It is most useful before you close on land, sign a construction contract, or ask a lender or partner for capital.
Where do you do feasibility studies?
Twin Oaks Capital prepares self-storage feasibility studies for development projects nationwide. Send the site address and we will tell you quickly if it is a fit.
How is a full study different from the $49 supply and demand report?
The $49 report is an entry-level supply and demand read on one address: facilities, rentable square feet, and posted rates in the 1, 3, and 5 mile rings, with demand estimated from Census population and the Self Storage Almanac 2026 square feet per person. A full feasibility study goes further, with trade-area and competition work, a site and development review, and unit mix, rental rate, occupancy, and revenue projections for your specific project.
Do you do third-party feasibility reviews for lenders?
Yes. Lenders and credit teams can engage Twin Oaks Capital to review a borrower's self-storage feasibility study, pro forma, and assumptions against the market, the site, and the cost to build, with a written summary of findings and risks.
What do you need from me to start?
A site address and a short note on what you are considering, such as new construction, a conversion, an expansion, or an acquisition, is enough to start the conversation. If you have a survey, site plan, unit mix, or cost estimate, include it.
How do I request a study?
Use the form on this page, call (321) 300-5520, or email [email protected]. We will say quickly if it fits.
Request a study
A site address and a short description are enough to start. We will say quickly if it fits.
Have a self-storage site in mind?
We will say quickly if a feasibility study is the right next step.