Are you looking for advice on constructing boat storage facilities?

This post will guide you through everything you need to know about building boat storage. We have covered everything for you, from evaluating the local market to understanding zoning regulations and selecting the appropriate design.

Additionally, we will delve into essential considerations such as security measures, maintenance protocols, and pricing strategies to ensure a successful operation. Trust us to provide you with the knowledge and insights you need for a successful boat storage venture.

Let’s get started.

1. Figure out the market

Embarking on the journey to build a boat storage facility is a multifaceted endeavor that requires a comprehensive understanding of the market, strategic planning, and a keen awareness of the factors that can influence the success of such a venture. The process begins with a meticulous market assessment, where finding the right piece of land is just the starting point.

Market Assessment:

Selecting an ideal location for a boat storage facility is not solely about the characteristics of the land but hinges significantly on the demand within the chosen area. It’s essential to gauge whether there is a genuine need for boat storage in the vicinity. Placing a facility with minimal boat ownership or launching activity nearby could lead to an underutilized storage space.

Furthermore, understanding the competitive landscape is crucial. Examining the number of existing boat storage facilities in the targeted area is vital in determining if an excess space supply overshadows the demand for storage. Unlike traditional self-storage facilities with a trade area of approximately one to five miles, a boat storage facility might have a broader reach of around 15 miles. This elongated trade area necessitates a strategic approach to site selection.

Trachte Building Systems, a prominent supplier of products for the storage industry, advises potential developers to seek land for a boat storage facility strategically positioned between population centers and recreational water bodies such as lakes and rivers. This strategic placement ensures proximity to both potential customers and the natural habitats where boat owners are likely to engage in their activities.

Feasibility Study:

The cornerstone of this process is the execution of a thorough feasibility study. This study goes beyond merely evaluating the permanent local population and extends to understanding the seasonal patterns of boat owners. For instance, it is critical to consider the influx of snowbirds or sunbirds who plan to store their boats during the off-season. Such a comprehensive analysis provides insights into the dynamic nature of boat storage needs throughout the year.

The Self Storage Association emphasizes in a blog post that a feasibility study for a boat storage facility should encompass the immediate demand and the potential for growth. It should be a dynamic document considering various scenarios and adapting to the evolving market conditions.

Existing Self-Storage Integration:

One intriguing avenue is integrating boat storage into an existing self-storage facility. This approach offers a dual advantage. Firstly, it ensures a more streamlined management of different storage requirements, catering to boat owners and those needing traditional self-storage solutions. Secondly, it allows for a more efficient use of existing infrastructure and resources.

However, it’s crucial to navigate this path with diligence. Ensuring that the property has ample space for accommodating boats is paramount. Moreover, gaining approval from local officials for such an expansion is a critical step in the development process. Developing outdoor or covered vehicle storage spaces opens up opportunities for boats and recreational vehicles like campers and motorhomes, expanding the potential customer base.

Diversification of Storage Services:

Expanding beyond boat storage, many successful businesses in this sector also cater to recreational vehicles, such as campers and motorhomes. This diversification broadens the range of services offered, making the storage facility a one-stop solution for various storage needs. Considering the increasing popularity of recreational vehicles, accommodating them within the storage facility’s design can enhance its overall appeal.

2. Pinpoint the configuration

Establishing a boat storage facility involves careful consideration of the lot layout to accommodate a diverse range of boat sizes and meet the varied needs of customers. Delving into the specifics of the configuration is crucial for optimizing the functionality and appeal of the facility.

Boat Sizes and Dimensions:

Boats come in various sizes, ranging from as small as 6 feet to larger vessels measuring 14 to 28 feet, plus the additional length of the trailer tongue, according to RSP Structural Systems, a specialist in boat storage solutions. To cater to this diversity, it’s recommended that the boat storage facility be designed with a unit width of at least 12 feet and a depth of 35 feet. The door opening should be substantial, measuring 10 feet wide by 10 feet tall, ensuring easy access for boats on trailers.

Considering these dimensions is practical and essential for providing a versatile storage solution that can accommodate a broad spectrum of boat sizes, from compact crafts to larger vessels with trailers.

Types of Storage Structures:

In addition to the dimensions of individual storage units, it’s crucial to weigh the type of storage structures that potential customers might be seeking. Various options cater to different preferences and budget considerations.

Fully Enclosed Boat Storage: A fully enclosed structure resembles a large garage, providing complete boat protection. These units typically measure 15 feet in width and 45 to 50 feet in depth, each equipped with a 12×14 door. While offering comprehensive protection, this type of boat storage facility tends to be more expensive to build due to the structural support required for the large doors. Given its appeal to high-end tenants, developers might consider incorporating amenities such as washbays and in-unit power outlets to enhance the facility’s attractiveness.
Three-Sided Canopy Boat Storage: A three-sided facility with a canopy is open on one side but enclosed on the remaining three sides. Units are connected, providing a reasonable level of environmental protection. This option balances cost-effectiveness and functionality, offering sheltered storage with a less complex structure than fully enclosed units.
Standard Canopy Boat Storage: Standard canopy storage facilities have a roof but no walls, making them a relatively economical choice. While protecting from the sun, these units may not shield boats from rain, snow, or wind. This option appeals to boat owners seeking a balance between cost savings and essential environmental protection.
Outdoor Stall Boat Storage: The most budget-friendly option is an outdoor stall, an open space allowing owners to park their boats while exposing them to the elements. While cost-effective, this type of storage may not be suitable for owners seeking comprehensive protection for their boats.

Considerations for Lot Layout:

As you contemplate the configuration of a new boat storage facility, it’s vital to factor in the required land size. Typically, boat storage facilities necessitate more land, ranging from 7 to 10 acres, compared to traditional self-storage facilities, which usually require 3 to 5 acres. This increased land requirement is attributed to the spacious layout for accommodating various storage structures, drive aisles, and maneuvering space for boats and trailers.

A well-thought-out lot layout ensures efficient use of space, allowing for easy navigation, ample parking space, and a visually appealing arrangement. Moreover, developers should consider the potential for future expansion, designing the layout to facilitate scalability to meet growing demand.

3. Focus on security

Ensuring the security of a boat storage facility is not just an additional expense—it’s a fundamental investment in the peace of mind of tenants entrusting their valuable possessions to your care. This is especially crucial considering that boats, ranging from modest vessels to those valued at hundreds or even millions of dollars, represent significant financial investments for their owners. Building a secure environment is not only a selling point but a non-negotiable aspect of the facility’s operation.

Perimeter Fencing:

One of the foundational elements of a secure boat storage facility is the installation of perimeter fencing. This is the first line of defense, creating a clear boundary between the stored boats and the external environment. According to The Parham Group, specialists in storage construction, consulting, and management, perimeter fencing is a minimum requirement. The type of fencing chosen should be robust and well-maintained, providing both a physical barrier and a visual deterrent to unauthorized access.

24-Hour Security Access:

To enhance security measures, the implementation of 24-hour security access is essential. This means that the facility is protected during business hours and around the clock. Tenants should feel confident that their boats are under constant surveillance, fostering a sense of security and trust in the facility management.

Security Cameras:

The strategic placement of security cameras is a critical component of a comprehensive security system. These cameras serve both as a deterrent and as a means of monitoring activity within the facility. High-quality, well-maintained cameras covering key areas such as entrance points, storage units, and common areas contribute significantly to the overall security infrastructure. In any security incidents, footage from these cameras can be invaluable for investigations and ensuring accountability.

Key-Coded Entry Gates:

Implementing key-coded entry gates adds an extra layer of security to the facility. These entry gates require tenants to input a unique code for access, ensuring that only authorized individuals can enter the premises. This access control measure enhances security and provides a convenient and traceable way to monitor who enters and exits the facility.

Adequate Outdoor Lighting:

Well-lit premises are a deterrent to criminal activity and contribute to the overall safety of the facility. Adequate outdoor lighting is essential, particularly during nighttime hours. Illuminated spaces not only discourage unauthorized access but also provide a sense of visibility and safety for tenants accessing their boats during non-daylight hours. LED lighting technology, known for its energy efficiency and brightness, is famous for enhancing outdoor lighting in storage facilities.

Additional Security Measures:

Consideration should also be given to additional security measures that can further fortify the facility. These may include:

Security Personnel: Employing on-site security personnel can provide a physical presence that deters potential intruders and adds an extra layer of protection.
Intrusion Alarms: Installing intrusion alarms on storage units can alert facility management to unauthorized access attempts, triggering a timely response to mitigate security threats.
Smart Technology: Embracing smart technology, such as automated access control systems and surveillance apps, allows for remote real-time monitoring and management of security features.
Secure Storage Unit Design: Ensuring that individual storage units are designed with security in mind, incorporating features like sturdy doors, tamper-resistant locks, and reinforced walls, adds a layer of protection for stored boats.

Investing in a robust security infrastructure not only safeguards the financial investments of boat owners but also contributes to the reputation and success of the storage facility. The commitment to a secure environment fosters trust among tenants, potentially leading to positive word-of-mouth referrals and long-term customer loyalty.

4. Decide on financing

Navigating the financial aspects of constructing a boat storage facility is a critical phase in the development process. Securing the necessary funds involves careful planning and consideration of various financing options, ensuring that the project gets off the ground and sustains ongoing operations effectively.

Cash Reserves vs. Financing:

Having sufficient cash reserves to finance the construction of a boat storage facility entirely is a notable advantage, positioning an investor a step ahead of many others in the field. However, this scenario is often the exception rather than the norm. Typically, developers must explore financing options to cover the substantial construction costs of building a storage facility.

Construction Loan Requirements:

For those opting for financing, the Fundera lending platform highlights that a construction loan is a common choice but typically necessitates a significant down payment. This down payment can range up to 25% of the total project cost. Depending on the scope and financial magnitude of the project, this could translate to a substantial upfront investment, amounting to hundreds of thousands of dollars.

Securing a construction loan involves presenting a comprehensive plan for the boat storage facility, including details about the project’s scope, anticipated costs, and timelines. Lenders will scrutinize these details to assess the viability and risk associated with the investment. Providing a solid business plan with market analysis, revenue projections, and a clear repayment strategy enhances the likelihood of securing favorable financing terms.

Ongoing Operations Funding:

Beyond construction financing, it’s crucial to consider how ongoing operations for the boat storage business will be funded. Even with construction costs covered, operational expenses such as maintenance, security, marketing, and staff wages require consistent funding.

One option for ongoing operational funding is obtaining a working capital loan. This loan provides the necessary funds to cover day-to-day expenses, ensuring smooth operations without relying solely on revenue generated from storage rentals. A working capital loan is precious during the initial stages when the facility is ramping up its tenant base and income streams.

Additionally, a line of credit can serve as a flexible financial tool to address fluctuations in cash flow. It provides access to a predetermined credit limit to be drawn upon as needed. This offers financial flexibility, allowing the boat storage facility to manage expenses effectively, especially during increased demand or unforeseen costs.

Financing Considerations:

Interest Rates and Terms: When exploring financing options, comparing interest rates and terms offered by different lenders is essential. Favorable interest rates and flexible repayment terms can significantly impact the overall financial health of the project.
Creditworthiness: Lenders assess the creditworthiness of the developer or business entity seeking financing. Maintaining a strong credit profile enhances the chances of securing loans at competitive rates.
Collateral: Some financing arrangements may require collateral to secure the loan. This could include the property itself or other assets owned by the developer. Understanding collateral requirements is crucial when evaluating financing options.
Repayment Strategy: A clear and viable repayment strategy is integral to securing financing. Lenders want assurance that the boat storage facility will generate sufficient revenue to cover loan repayments and operational expenses.
Contingency Planning: Building contingency plans for unexpected expenses or delays in construction is prudent. Adequate financial planning should account for unforeseen challenges that may arise during the development and operational phases.

Business Growth and Revenue Projections:

Developers should present compelling business growth and revenue projections as part of the financing strategy. This involves conducting a thorough market analysis to gauge demand for boat storage in the chosen location. Accurate revenue projections, considering factors such as occupancy rates and pricing strategies, give lenders confidence in the facility’s potential for financial success.

Building boat storage

Building a boat storage facility is a journey that requires careful navigation through market assessments, thoughtful facility configurations, robust security measures, and sound financial planning. By understanding the unique needs of boat owners, staying attuned to market dynamics, and investing in top-tier security, you can set sail toward a successful venture in the booming boat storage industry.

Embark on this exciting voyage, and soon, your boat storage facility could be the safe harbor that boat owners trust with their prized possessions. Smooth seas and prosperous storage await those who navigate these waters wisely.

For secure and bright self-storage solutions catering to household and business needs, consider SecureSpace Self Storage. Your journey to a reliable storage solution begins here.

FAQ’s

What is the demand for boat storage facilities?

The demand for boat storage facilities is high in many parts of the United States. There are nearly 12 million registered recreational boats in the country, and only some have the space to store their boat at home. Boat storage facilities offer a convenient and secure solution for boat owners.

2. What are the different types of boat storage facilities?

There are four main types of boat storage facilities:

Fully enclosed: These facilities are the most expensive to build but offer the most protection from the elements.
Three-sided canopy: These facilities are less expensive than fully enclosed facilities, but they offer some protection from the elements.
Standard canopy: These facilities are the most affordable option but offer the least protection from the elements.
Outdoor stall: This is the cheapest option for boat storage, but it offers no protection from the elements.

3. What is the typical size of a boat storage unit?

The typical size of a boat storage unit is 12 feet wide by 35 feet deep. However, the size of the unit will vary depending on the size of the boat.

4. What security features should a boat storage facility have?

A boat storage facility should have the following security features:

Perimeter fencing will help keep unauthorized people out of the facility.
24-hour security access: This will allow tenants to access their boats at any time or night.
Security cameras: This will help to deter theft and vandalism.
Key-coded entry gates: This will help to control who has access to the facility.
Adequate outdoor lighting: This will help to keep the facility safe at night.

5. How much does it cost to build a boat storage facility?

The cost of building a boat storage facility will vary depending on the size, type of facility, and location. However, you can expect to pay several hundred thousand dollars to build a boat storage facility.

6. What type of financing is available for boat storage facilities?

There are two main types of financing available for boat storage facilities:

Construction loans: These loans are used to finance the facility’s construction.
Working capital loans: These loans are used to finance the business’s day-to-day operations.

7. What is a boat storage facility’s typical return on investment?

A boat storage facility’s typical return on investment is 10-15%. However, the return on investment can vary depending on several factors, such as the facility’s location, the type of facility, and the economy.