Self-Storage Facility Startup Cost Comparison
Newark, NJ vs Chicago, IL
Newark, NJ
$402,000 - $4,752,000
COL Index: 115.2
VS
Chicago, IL
$557,000 - $7,093,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Newark, NJ | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Land & Building
|
$234,800 - $3,521,700 | $391,300 - $5,869,600 | -40% |
|
Storage Units & Access
|
$114,000 - $912,000 | $115,000 - $920,000 | -1% |
|
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)
|
$34,600 - $230,400 | $32,300 - $215,600 | +7% |
| Total Estimated Cost | $402,000 - $4,752,000 | $557,000 - $7,093,000 | -33% |
Local Market Factors
| Factor | Newark | Chicago |
|---|---|---|
| Cost of Living Index | 115.2 | 107.8 |
| Commercial Rent ($/sqft/yr) | $16 - $38 | $25 - $65 |
| Labor Rate Index | 1.14 | 1.15 |
| Sales Tax | 6.625% | 10.25% |
| Minimum Wage | $15.49/hr | $15.80/hr |
| LLC Filing Fee | $125 | $150 |
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