How much value does a storage unit add to the resale value of an apartment?
[Note: This story was originally published in 2011 and has been updated.]
Clearly, a storage unit can be a competitive advantage at resale time. But for a sense of how much it adds in greenbacks, we checked in with a couple of our experts.
Even though a storage unit is typically located in the basement and in raw condition, "a good place to start is a value consistent with the price per square foot of your apartment," says Manhattan appraiser Jonathan Miller of the firm Miller Samuel. So if your apartment is worth $1,000 per square foot, a 5x5-foot storage unit arguably adds another $5,000, if not more.
Halstead Property's executive director of development marketing Stephen Kliegerman observes that in new developments, storage units sell from anywhere from $10,000 to $25,000 or more.
"I'd say it adds about $10,000-$20,000 on resale depending on the size of the storage," he says. "In [very high end] buildings like 15 Central Park West, it would be much more."
Some argue that the resale value is beside the point, given the convenience of having storage an elevator ride away.
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