Storage units sold, not rented, at new Mound House project
Apartment dwellers long have been encouraged by homebuilders to stop throwing money away on rent when they could buy.
Rick Johnson and Jerry Edlefson think the same message is likely to resonate with folks who rent space to store boats and recreational vehicles.
They’re developing a storage project near Carson City The Toy Shed Inc.
in which storage units will be sold rather than rented.
Demand has been strong enough, they say, that the price of standard units in the first phase has been increased to $37,500 from the $36,000 initially set.
Those standard units will be 15 feet wide and 40 feet long, with roll-up doors that are 12 feet by 14 feet to handle big RVs.
Other units will range in size to 80 feet in length, which allows drive-through access.
The first phase will include 88 units and is expected to be complete by late April or early May, said Andie Wilson of Coldwell Banker Commercial Premiers Brokers in Carson City, which is marketing the project.
Because early sales were so strong,Wilson said the initial construction might include approximately 80 more units as well.
The Toy Shed ultimately may include as many as 254 storage units.
Miles Brothers Construction is builder of the project at Mound House, just east of the Carson City border with Lyon County.
The developers’ pitch is this: Owners of RVs and boats often pay about $300 a month to rent storage space, getting little but a stack of rent receipts in return.
Ownership of a unit at The Toy Shed, they say, will be tax-deductible for many owners and may provide some upside as an investment.
Business Bank of Nevada will be offering a program to finance consumers’ purchases of the units, said Wilson.
She said the developers also believe that the project may attract investors who purchase a unit as a rental property.
The capitalization rate a measurement of rate of return on those units likely will run about 8.2 percent, she said.
The developers themselves also will rent some units at The Toy Shed.
The project, which will include climatecontrolled units, security fencing, lighting and surveillance, and an RV dump, will be managed by a community association.
Edlefson and Johnson saw similar projects in other markets and began working with Lyon County officials in March to win approval.
The project still awaits final approval by Lyon County.
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