Self-Storage Facility Startup Cost Comparison
Oakland, CA vs Chicago, IL
Oakland, CA
$609,000 - $7,578,000
COL Index: 160.5
VS
Chicago, IL
$557,000 - $7,093,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Oakland, CA | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Land & Building
|
$404,300 - $6,065,200 | $391,300 - $5,869,600 | +3% |
|
Storage Units & Access
|
$138,000 - $1,104,000 | $115,000 - $920,000 | +20% |
|
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)
|
$48,200 - $321,000 | $32,300 - $215,600 | +49% |
| Total Estimated Cost | $609,000 - $7,578,000 | $557,000 - $7,093,000 | +7% |
Local Market Factors
| Factor | Oakland | Chicago |
|---|---|---|
| Cost of Living Index | 160.5 | 107.8 |
| Commercial Rent ($/sqft/yr) | $28 - $65 | $25 - $65 |
| Labor Rate Index | 1.38 | 1.15 |
| Sales Tax | 10.25% | 10.25% |
| Minimum Wage | $16.00/hr | $15.80/hr |
| LLC Filing Fee | $70 | $150 |
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