How much does a personal warehouse cost?
Base unit pricing will vary depending upon when you sign a contract. There are three price increases over the life of the project of about 5% each; therefore, the greatest discounts are at the pre-construction level.
Average base unit costs also depend upon geographic location, but are typically half the price of office warehouse facilities in any given market. Other pricing factors will vary depending upon when the final pricing is available from the contractor building the project.
What options and upgrades are available?
A Personal Warehouse allows owners to customize a personal warehouse to fit their needs. Examples include adding car racking systems, custom flooring solutions, shelving systems, and enhanced security options. Personal Warehouses come very well equipped, and you have many choices in customizing your unit. See some of the images in our gallery of amazing renovations owners have decided to add to their spaces.
How much are the monthly assessments?
Assessments vary depending on the project and the size of the individual warehouse selected. The fee covers all property assessments including the land lease, exterior maintenance, upkeep of common areas, insurance on the buildings, and a replacement reserve budget. Control of the Association will be turned over to the owners once the site is sold out per CCIOA and will be managed by a professional property manager.
What is CCIOA?
CCIOA (Colorado Common Interest Ownership Act) is a condominium law that we opt into as a protection to all future owners. Most states have similar laws that determine how a condominium is managed within that state. They are consumer protection laws and are designed to form a baseline of understanding regarding the projects legal structure.
Can I finance my unit?
Yes. We work with a number of banks that offer financing options to fit your needs. Commercial financing is available and depending upon your credit and financial status, you may be able to put as little as 20% down. We have lenders ready to speak with you and they have project specific loan programs and familiarity with our project.
Why is the project on a land lease?
Our primary objective is to maximize value and affordability without sacrificing access or convenience. Utilizing a land lease allows us to offer a product that typically costs less than similar rental options and at half the price of office warehouse facilities. You do not own the land, but you own the unit and will receive a warranty deed at closing.
Land leases are very common in commercial and industrial projects and are becoming more popular in affordable housing projects, high rise lofts and office locations due to rising land costs.
Does the project have to be on a land lease?
There is a significant advantage to the buyer by purchasing a condominium on leased ground. In a condo you own the air space – not the land, walls or improvements. All of these components are referred to as Common Elements or Limited Common Elements. Therefore, nothing has changed in what you own – except you are paying less for it. The 99 year ground lease is an excellent way to grant access for a long period of time while saving customers a tremendous amount of money. A Personal Warehouse project is typically 20%-50% less expensive than other commercial and industrial products and our assessments are similar in price including our ground lease. We lease you the land and take a small monthly assessment for the long term access to the project.
Are there resale opportunities?
Absolutely. Our personal warehouses have a track record of reselling quickly and for a higher price. In just over one year’s time, customers have seen a 20-45% increase in appreciation depending upon the original base price.