Self-Storage Facility Startup Cost Comparison
Minneapolis, MN vs Miami, FL
Minneapolis, MN
$433,000 - $5,280,000
COL Index: 109.5
VS
Miami, FL
$556,000 - $7,078,000
COL Index: 128.3
Detailed Cost Comparison
| Expense | Minneapolis, MN | Miami, FL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Land & Building
|
$273,900 - $4,108,700 | $391,300 - $5,869,600 | -30% |
|
Storage Units & Access
|
$108,000 - $864,000 | $108,000 - $864,000 | Same |
|
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)
|
$32,900 - $219,000 | $38,500 - $256,600 | -15% |
| Total Estimated Cost | $433,000 - $5,280,000 | $556,000 - $7,078,000 | -25% |
Local Market Factors
| Factor | Minneapolis | Miami |
|---|---|---|
| Cost of Living Index | 109.5 | 128.3 |
| Commercial Rent ($/sqft/yr) | $18 - $45 | $25 - $65 |
| Labor Rate Index | 1.08 | 1.08 |
| Sales Tax | 8.025% | 7% |
| Minimum Wage | $15.57/hr | $13.00/hr |
| LLC Filing Fee | $155 | $125 |
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