Self-Storage Facility Startup Cost Comparison
Norfolk, VA vs Chicago, IL
Norfolk, VA
$309,000 - $3,530,000
COL Index: 97.6
VS
Chicago, IL
$557,000 - $7,093,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Norfolk, VA | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Land & Building
|
$165,200 - $2,478,300 | $391,300 - $5,869,600 | -58% |
|
Storage Units & Access
|
$96,000 - $768,000 | $115,000 - $920,000 | -17% |
|
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)
|
$29,300 - $195,200 | $32,300 - $215,600 | -9% |
| Total Estimated Cost | $309,000 - $3,530,000 | $557,000 - $7,093,000 | -50% |
Local Market Factors
| Factor | Norfolk | Chicago |
|---|---|---|
| Cost of Living Index | 97.6 | 107.8 |
| Commercial Rent ($/sqft/yr) | $12 - $26 | $25 - $65 |
| Labor Rate Index | 0.96 | 1.15 |
| Sales Tax | 6% | 10.25% |
| Minimum Wage | $12.41/hr | $15.80/hr |
| LLC Filing Fee | $100 | $150 |
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