Chicago Self-Storage Property Appraiser
Chicago Commercial Appraisal Group is a leader in the appraisal of small and large self-storage facilities throughout the Chicagoland market. The self-storage market has experienced many years of relatively strong growth. At year end 2020 there were 49,233 self-storage facilities in the United States. Approximately 52% of facilities are owned by small operators in 2020
. In 2019, there was 5.9 rentable square feet of self-storage area per person in the United States. In Illinois there is only 4.8 square feet per person available.
Chicago Commercial Appraisal Groups Self-Storage Real Estate Appraisers are licensed by the State of Illinois and have many years of real estate experience. All Self-Storage Property Appraisals are reviewed by one of our MAI Designated Appraisers. Our Chicago area clients can feel confident that our Self-Storage Appraisers have access to current market data to meet your Self-Storage Appraisal needs.
Self-Storage Real Estate AppraisalThe dynamics of Self-Storage Appraisal has changed dramatically in recent years. Variable pricing models are being increasingly used to price storage units much like the airline industry. Since storage space rental does not involve long-term commitments for rental rates facility owners will often deeply discount spaces to fill the units and then gradually increase the rates as the facilities fill up. This results in the reported
physical occupancy level of facilities often being reported as quite high even though the
economic occupancy rate is really much lower. Self-Storage Appraisers in the Chicago market that have not stayed current with these trends can easily over value this product type because they confuse physical occupancy with the far more relevant economic vacancy in projecting income.
Chicago Commercial Appraisal Group has completed numerous Self Storage Appraisals
over the past 20 years. We have completed Chicago area Self-Storage Property Appraisals for bank financing, estate valuation and property tax assessment purposes.
Chicago Self-Storage Tax AppraisalThe majority of Chicago Commercial Appraisal Groups work is in the area of Property Tax Appraisal. Our Self-Storage Real Estate Appraisers are careful to distinguish between real estate value (which is taxable) and business value (which is not). Property tax rates vary substantially in the Chicago market and have a profound impact on Self-Storage property values. The south suburban Chicago area is being reassessed in 2017. This area is known for some of the highest property tax rates in the area (and the country) which has been severely hurting Self-Storage property values. Chicago Commercial Appraisal Groups Self-Storage Property Appraisers are well versed in Self-Storage Property Tax Appraisal issues. For a quality Self-Storage Appraisal, please call Chicago Commercial Appraisal Group at (773)763-6750.
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here for a recent article on Self-Storage Valuation.
CONTACT US TODAYOr call 773-763-6750 for a free no-obligation consultation.
