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Lease vs. Own Garage Storage Condos | Storage Caves
Storage Caves is your go-to destination for your large storage needs. Store your boat, RV, Sea-Doo, classic cars or just have a place for your toys.. Nestled on just over eight acres and featuring 172 premier storage condos with more than 104,000 square feet of total space, this development is unlike any other.
The Power of Ownership
Ownership gives you the ability to customize your garage allowing you to build out the space to meet your needs — whether that's adding shelving, a mezzanine, lighting, an EV charger or even a lounge area with a couch and tv.
It’s not just about the space itself. Ownership also means building equity and passive income. Historically this market segment has appreciated about 6% annually. You can rent out all or part of your unit to others, creating an investment opportunity for passive income.
Let’s look at the numbers.
The difference between 5% rent increases and 6% property appreciation could mean an extra $46,579.00 in your pocket.
You lease a 1,000 sq. ft. garage for $1200.00/month. Most commercial leases include a 5% annual rent increase, so over three years, you’d pay:
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Year 1: $1200/month → $14,400 total
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Year 2: $1260/month → $15,120 total
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Year 3: $1323/month → $15,876 total
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Three-year total spend - $45,396...
Let's take a look from the sales side. You purchase your garage instead.
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Purchase price: $147,000.00 (with 20% down)
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Monthly mortgage payment: ~$735.00 (assuming 7.5% commercial borrowing rate)
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Three-year total paid: $26,460.00
A savings of $18,936.00 compared to leasing. Now let’s talk about Appreciation.
Historically, Garage units will appreciate at about 6% per year (obviously not always, but historically that is the average. This may vary with location and other factors).
That means your $147,000.00 unit could be worth $175,000 in three years — a $28,079.00 gain.
The Bottom Line:
If you lease, you’re out $45K with NO equity. If you own, you spend $26.5K, but your asset grows by almost $28K.
That’s a total swing of almost $46,579 in your favor!
Whether you're storing your own items or renting the garage, rent pays someone else’s mortgage. Ownership builds your wealth. Let us help you make the best choice for you!
At Storage Caves, we believe your storage space should work for you, not the other way around. Whether you’re looking for flexibility or ready to make a long-term investment, we have a package to suit your lifestyle.
Don’t wait—get in early! Contact us today to learn more about purchasing your garage(s) today. Elevate your storage experience with a space that offers more than square footage—it offers freedom, value, and opportunity.
📞 Call us at 1-844-99 CAVES (22837) or email us to reserve your spot today.