Page 16 - AreaNewsletters "June'19" issue

HEALTH • WELLNESS • LIFESTYLE
Frequently Asked Questions about Garage CondosTM
by Glenn McWilliams
Here are some frequently asked questions about garage condos. This industry is referred to as storage condos, personal warehouses, and most often exactly what I named my business: Garage CondosTM
Garage CondosTM are di erent from traditional rented storage units in three important ways.
They are much larger. The doors alone are huge - 14 feet high, and up to 18 feet wide. The units average 1,000 SF of oor area, and range from 500 SF to over 1,200 SF. Rented storage units are usually between 25 and 300 SF.
A garage condo unit and facility have tremendous amenities. Each garage unit comes with separately metered electricity, abundant lighting, multiple power outlets and individually controlled heat, as well as its own utility sink with hot water and hose connection. You can even get cable TV and high-speed internet. Common area amenities enjoyed by all unit owners include wide drive aisles, security/surveillance cameras, air/vac station, and a nicely appointed Clubhouse for the exclusive use of unit owners. The Clubhouse includes restrooms, shower, kitchen area, wide-screen TV, Wi-Fi and meeting and lounge areas, often times including various game tables.
You own a garage condo. Historically, the only way to bene t from a covered, enclosed, secure unit to store your personal or business-related items has been to rent that space. Garage CondosTM are designed and created to be individually owned. Each condo comes with electricity, lighting, water and heat – and the ability to control the thermostat of your individual condo. You can even get cable/satellite tv and internet. Importantly, you are able to access your condo any time of day, as often as you like.
2) CAN I LIVE IN A GARAGE CONDO?
Unfortunately, no, you can’t live in a garage condo. With all of the great amenities in each unit, it may be tempting. Allowing people to live in these garages would likely negatively change the dynamic we try to create. Garage condos are designed and intended to be rst-class storage facilities, where you can work on projects and hobbies and pursue your passions.
3) CAN I RUN MY BUSINESS IN A GARAGE CONDO?
Yes, certain types of businesses are a great t at a garage condominium facility. Although most retail or o ce-centric businesses would not work well at a facility designed primarily for storage, there are several small businesses that do. Trade contractors and mobile service companies, where the majority of their business is conducted o site, usually work out nicely. A garage condo is a great place to store bulky materials, heavy equipment and business inventory.
4) CAN I RENT A GARAGE CONDO?
You could.... but not from me! My business model is to build and sell garage condo units. Sometimes people will buy a unit and then o er it for rent.
5) OKAY, SO HOW MUCH ARE THEY?
Up and down the Front Range, you will nd over 40 di erent garage condo facilities, with more than 3,000 units built to date. Current prices range from about $140 per SF to over $200 per SF based upon location, quality, unit size and amenities o ered. The smallest unit at the least expensive location would be $70,000 and one of the largest units at the most expensive location could be as much as $280,000. The average price for a nice sized unit that is 20’ wide x 48’ deep is $177,000. In Castle Rock, the prices are trending in the middle-to-high end of that range, and the value, in terms of location, amenities and access is exceptional.
1) HOW ARE GARAGE CONDOS DIFFERENT FROM TYPICAL STORAGE UNITS?
June 2019 • Castle Rock “AreaNewsletters” 16
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