Self-Storage Facility Startup Cost Comparison
Rochester, MN vs Miami, FL
Rochester, MN
$340,000 - $3,961,000
COL Index: 101.5
VS
Miami, FL
$556,000 - $7,078,000
COL Index: 128.3
Detailed Cost Comparison
| Expense | Rochester, MN | Miami, FL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Land & Building
|
$191,300 - $2,869,600 | $391,300 - $5,869,600 | -51% |
|
Storage Units & Access
|
$100,000 - $800,000 | $108,000 - $864,000 | -7% |
|
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)
|
$30,500 - $203,000 | $38,500 - $256,600 | -21% |
| Total Estimated Cost | $340,000 - $3,961,000 | $556,000 - $7,078,000 | -44% |
Local Market Factors
| Factor | Rochester | Miami |
|---|---|---|
| Cost of Living Index | 101.5 | 128.3 |
| Commercial Rent ($/sqft/yr) | $14 - $30 | $25 - $65 |
| Labor Rate Index | 1 | 1.08 |
| Sales Tax | 7.375% | 7% |
| Minimum Wage | $10.85/hr | $13.00/hr |
| LLC Filing Fee | $155 | $125 |
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