Self-Storage Facility Startup Cost Comparison
Cheyenne, WY vs New York, NY
Cheyenne, WY
$254,000 - $2,785,000
COL Index: 95.5
VS
New York, NY
$915,000 - $12,057,000
COL Index: 187.2
Detailed Cost Comparison
| Expense | Cheyenne, WY | New York, NY | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Land & Building
|
$121,700 - $1,826,100 | $695,700 - $10,434,800 | -83% |
|
Storage Units & Access
|
$85,000 - $680,000 | $145,000 - $1,160,000 | -41% |
|
Management Software & Security
|
$10,000 - $50,000 | $10,000 - $50,000 | Same |
|
Business Insurance (Annual)
|
$5,000 - $20,000 | $5,000 - $20,000 | Same |
|
Marketing & Visibility
|
$3,000 - $15,000 | $3,000 - $15,000 | Same |
|
Working Capital (6 Months)
|
$28,700 - $191,000 | $56,200 - $374,400 | -49% |
| Total Estimated Cost | $254,000 - $2,785,000 | $915,000 - $12,057,000 | -77% |
Local Market Factors
| Factor | Cheyenne | New York |
|---|---|---|
| Cost of Living Index | 95.5 | 187.2 |
| Commercial Rent ($/sqft/yr) | $8 - $20 | $40 - $120 |
| Labor Rate Index | 0.85 | 1.45 |
| Sales Tax | 6% | 8.875% |
| Minimum Wage | $7.25/hr | $16.00/hr |
| LLC Filing Fee | $100 | $200 |
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