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Learn the benefits of owning your own storage unit.
Are you throwing away $200-400 every month on RV storage, boat storage, or a climate-controlled unit? Over just five years, that's $12,000-$24,000 in rental payments—money that disappears with nothing to show for it. There's a better way, and it starts with understanding the true cost of renting versus owning your storage space.
Arc Properties' garage condos in Prior Lake and Lonsdale offer a compelling alternative: own your storage instead of renting it, starting at just $69,000. Let's break down the numbers, explore the benefits, and show you why garage condo ownership might be one of the smartest investments you make.
Most people seriously underestimate how much they spend on storage over time. Let's look at realistic scenarios for South Metro Minnesota residents.
RV Storage (Outdoor, Uncovered):
RV Storage (Indoor, Climate-Controlled):
Boat Storage (Outdoor):
Boat Storage (Indoor):
Classic Car Storage (Climate-Controlled):
Standard Self-Storage Unit (10x20, Climate-Controlled):
Let's say you're storing an RV indoors for $300/month. After just 19 years, you've paid $69,000 in rent—the same price as an entry-level Arc Properties garage condo. The difference? After 19 years of renting, you own nothing. After 19 years of owning a garage condo, you own a real estate asset that's likely appreciated significantly.
Even more striking: if you're paying $300/month in rent, that's $3,600 per year. The annual HOA dues on a 30x40 garage condo at Arc Properties would be approximately $1,680 ($1.40/sq ft for 1,200 sq ft). You're already paying more than double in rent compared to what ownership HOA costs would be—and you're building zero equity.
Beyond the financial loss, renting storage means accepting significant limitations:
No Equity Building: Every dollar paid to a storage facility is gone forever. You're funding someone else's investment, not your own.
No Customization: Most storage facilities prohibit or severely limit what you can do to improve your space. Want to add shelving, install a lift, or create a workshop area? Too bad—it's not yours.
No Tax Benefits: Rental payments offer no tax advantages. Owning real estate often does.
No Appreciation: The value of your rental space remains static (or increases to your detriment when they raise rates). Owned real estate typically appreciates over time.
Limited Access and Hours: Many storage facilities have restrictive access hours. Need something at 10pm or early Sunday morning? You might be out of luck.
No Income Potential: When you don't need your rental space, you can't sublet it or generate income from it.
Zero Protection Against Rate Increases: Your $200/month rate today could easily be $250/month in three years. You have no control.
Now let's flip the equation and examine what ownership at Arc Properties' Prior Lake or Lonsdale garage condo developments looks like.
Starting Price: Garage condos at Arc Properties begin at approximately $69,000, with size and location variations affecting final price.
Available Sizes (both Prior Lake and Lonsdale locations):
Typical Financing: Most buyers finance garage condos similar to a second home or investment property, with down payments typically ranging from 10-25% and loan terms of 15-20 years.
Annual HOA Dues: $1.40 per square foot annually
This HOA fee covers substantial value:
For a 24x50 garage condo (1,200 sq ft), annual HOA dues would be approximately $1,680 or $140/month—significantly less than typical storage rental costs while including utilities that you'd pay separately with traditional property ownership.
Property Taxes: As with any real estate, you'll pay annual property taxes. The exact amount varies based on size and assessed value, but it's a predictable cost that doesn't increase at the whim of a storage company.
Let's compare renting versus owning over a 20-year period, using realistic numbers:
RENTING SCENARIO (Indoor RV Storage at $300/month):
OWNING SCENARIO (30x40 garage condo, $100,000 purchase with 20% down):
After 20 years of ownership:
After 20 years of renting:
Even accounting for the higher monthly costs of ownership in the early years, ownership provides:
The financial case for ownership is compelling, but Arc Properties garage condos offer benefits that go far beyond simple math.
20x40 Wash Bay: Shared wash bay means you can clean your RV, boat, or vehicles properly without damaging your driveway or dealing with environmental restrictions. This amenity alone provides significant value—no more paying $50-100 each time you need a professional RV wash.
14-Foot Overhead Doors: True clearance for RVs, boats, and tall vehicles. Many storage facilities claim they can accommodate these items, but garage condos actually deliver with properly-sized doors.
Full Security + WiFi Enabled: Your investment is protected with comprehensive security systems, and WiFi connectivity means you can work on projects, stream music, or simply stay connected while using your space.
Temperature Control: Climate-controlled environment protects sensitive equipment, vehicles, and stored items from Minnesota's harsh temperature swings. This feature alone can prevent thousands in damage to RVs, classic cars, or boats.
Floor Scrubber + Fork Lift For Owners' Use: These shared amenities make maintaining your space and moving heavy items dramatically easier. Try finding a storage rental that offers fork lift access.
8' Low Speed High Volume Ceiling Fan: Proper air circulation keeps your garage condo comfortable year-round, whether you're working on projects or simply accessing stored items.
Overhead Sprinklers: Fire suppression system protects your valuable assets and provides peace of mind.
RV Dump Station: On-site RV dump station means you don't need to seek out public facilities or pay per-use fees elsewhere.
Unlike rental storage, your garage condo is yours to customize however you want:
Popular Enhancement Options:
The key difference: these improvements add value to your asset. When you customize a rental space (if they even allow it), you're improving someone else's property. When you customize your garage condo, you're enhancing your own investment.
24/7 Access: Your garage condo, your schedule. No facility hours, no waiting for staff to unlock gates, no restrictions on when you can access your property.
Multiple Uses: Store your RV in summer, work on car restoration projects in fall, use it as a workshop in winter, and park your boat in spring. Your needs change, and your owned space adapts—rental agreements typically lock you into specific uses.
Income Potential: Don't need your full space? Rent out a portion to friends or family (check HOA rules). Can't do that with rental storage—it's prohibited in virtually all rental agreements.
Guest Accommodation: Some creative owners have added amenities that make their garage condos occasionally livable for guests—try that in a rental unit.
Business Use: Operating a side business that needs storage or work space? Your garage condo can serve that purpose. Many storage rental agreements prohibit commercial use.
Understanding how actual owners use these spaces helps illustrate their versatility.
"We were paying $350/month for indoor RV storage in Lakeville. After three years, I realized we'd spent $12,600 with nothing to show for it. We bought a 30x50 garage condo at Arc Properties' Prior Lake location. Now we store our 36-foot motorhome, I've added a workbench for maintenance, and we're building equity. When we eventually sell, we'll likely get our money back—possibly more. The math just makes sense."
"I've got four classic cars that I rotate through shows during summer. Renting climate-controlled storage for all four was costing nearly $700/month. I purchased two 24x50 garage condos at Arc Properties, customized them with epoxy floors and lighting, and now I have dedicated space for restoration work plus storage. The temperature control protects my investment in these vehicles, and the 14-foot doors mean I can easily move cars in and out."
"Prior Lake is perfect for boating, but storing our 28-foot boat was a hassle and expensive. The Arc Properties garage condo gave us year-round access to our boat, and the wash bay means we can properly clean it without restrictions. Added bonus: we've got plenty of room for water toys, fishing equipment, and all the gear that used to clutter our regular garage at home."
"I run a small contracting business and was renting two separate storage units for tools and equipment—about $400/month total. Buying a 30x90 garage condo gave me space to store everything in one place, room to do equipment maintenance, and eventually I can rent out portions when business is slower. It's a legitimate business expense that's also building equity."
"My wife was patient with my woodworking hobby taking over our home garage, but it was time to reclaim that space for actual cars. I bought a 24x40 garage condo, set it up as a complete workshop with dust collection, proper lighting, and all my tools. Now I have a dedicated space for my passion without impacting our home. When friends ask to use it for their projects, I let them—try doing that with a rental unit."
"I purchased three garage condos when Arc Properties opened the Prior Lake location. I rent two out to friends who needed RV storage, and I use one for my own boat and jet skis. The rental income from two units covers the mortgage payments on all three, so I'm essentially getting free storage while building equity in all three properties. In 15 years when they're paid off, I'll have passive income or I can sell them."
Arc Properties developed garage condo facilities in both Prior Lake and Lonsdale for good reasons—these locations serve the South Metro perfectly.
Proximity to Recreation: Prior Lake is the heart of South Metro lake recreation. If you boat, jet ski, or engage in water sports, storing your equipment close to where you use it makes perfect sense.
Easy Highway Access: Quick connection to Highway 35 means you can access your garage condo efficiently even if you don't live immediately nearby.
Growing Community: Prior Lake continues to develop as a desirable South Metro location, which supports property value appreciation.
Central Location: Serves residents from Prior Lake, Savage, Shakopee, and southwestern suburbs effectively.
Lower Traffic Area: For those who value a quieter setting, Lonsdale offers that small-town feel while still being accessible.
Room for Larger Units: The Lonsdale location can accommodate some of the largest garage condo sizes Arc Properties offers.
Price Points: Lonsdale units may offer slight cost advantages compared to Prior Lake while delivering the same amenities.
Serves Southern Scott County: Ideal for residents of New Prague, Elko New Market, and southern Scott County communities.
With two locations, Arc Properties gives you options. Consider:
If the ownership case makes sense for your situation, here's how to move forward.
Current Costs: Calculate what you're actually spending on storage annually. Include all storage costs—RV, boat, extra household items, etc.
Space Requirements: What do you need to store? This determines which garage condo size suits you best:
Customization Plans: Are you planning to add bathrooms, workbenches, or other enhancements? Budget for these improvements beyond the base purchase.
Future Flexibility: Will your needs change? A larger unit provides room to grow.
Schedule a Tour: Contact Arc Properties to see both Prior Lake and Lonsdale garage condo facilities. Seeing the spaces in person—and talking to current owners if possible—provides invaluable insight.
Evaluate Amenities: Check out the wash bay, see the security systems, understand the HOA-maintained areas, and visualize your items in the space.
Compare Sizes: Bring measurements of what you're storing to ensure you're selecting adequate space. Remember: buying too small defeats the purpose.
Financing Pre-Approval: Talk with lenders about garage condo financing. Many banks and credit unions offer loans for these properties, treating them like investment real estate or second homes.
Calculate True Ownership Cost: Add up:
Compare to Current Rental Costs: Is ownership immediately cheaper, or is the benefit in long-term equity and appreciation?
Consider Tax Implications: Consult with a tax advisor about potential deductions for mortgage interest, property taxes, and business use if applicable.
Available Inventory: Arc Properties can tell you which sizes are currently available at each location. Garage condos are popular—don't assume your preferred size will remain available indefinitely.
Reservation Process: Once you decide, Arc Properties will guide you through the reservation and purchase process, which is similar to buying any real estate.
Closing Timeline: From decision to closing typically takes 30-60 days, depending on financing and other factors.
Plan Improvements: If you're adding enhancements (epoxy floors, bathrooms, etc.), coordinate these either before moving items in or during an early phase while the space is still empty.
Move Your Items: Transfer your RV, boat, vehicles, or stored items from rental facilities to your owned garage condo.
Cancel Rental Agreements: Stop those monthly rental payments for good!
Enjoy Ownership: 24/7 access, customization freedom, and peace of mind that you're building equity with every payment.
Q: Can I finance a garage condo like a house?
A: Yes, many banks and credit unions offer financing for garage condos. They're treated as real estate investments or second properties, with typical loan terms of 15-20 years.
Q: What exactly do HOA dues cover?
A: HOA dues at Arc Properties garage condos cover utilities (including heat, which is significant in Minnesota winters), exterior building insurance, lawn care, snow removal, exterior lighting, and general facility maintenance. This is considerably more comprehensive than typical condo HOAs.
Q: Are there restrictions on what I can store or do in my garage condo?
A: There are some reasonable restrictions (typically no permanent living, no hazardous materials, etc.), but you have far more freedom than rental storage. Review the HOA rules and covenants before purchasing to ensure they work for your intended use.
Q: Can I rent out my garage condo if I don't need it?
A: This depends on HOA rules, but many owners do rent their condos to friends, family, or others. It's a way to generate income from your investment when you're not fully using the space.
Q: What's the buy-back program mentioned?
A: Arc Properties offers guidance on selling your garage condo when you're ready to move on. While specific terms vary, they work to help owners transition out of ownership smoothly.
Q: How does appreciation work for garage condos?
A: Like other real estate, garage condos can appreciate based on market conditions, location desirability, and improvements made. While appreciation rates may differ from residential homes, the general trend of real estate appreciation applies.
Q: What happens if I can't make payments?
A: As with any financed real estate, failing to make payments can lead to foreclosure. However, if circumstances change, you can sell your garage condo like any other property—something impossible with rental storage where you simply lose the money you've paid.
Q: Can I use my garage condo as a business location?
A: Many owners use garage condos for business storage and operations. Check HOA rules for any restrictions, but contractor storage, online business inventory, and similar uses are common.
The financial case for garage condo ownership is straightforward:
Every year you rent storage, you're paying thousands of dollars for a service that provides zero equity, zero appreciation, and zero financial return. You're helping a storage facility owner build their wealth while gaining nothing beyond temporary space usage.
Every year you own a garage condo, you're building equity in a real asset while meeting your storage needs. The monthly cost may be comparable to (or even less than) high-quality rental storage, but you're creating wealth instead of spending it.
Over 20 years, the difference is measured in hundreds of thousands of dollars—the difference between owning nothing and owning an appreciating asset worth $100,000+.
Arc Properties garage condos in Prior Lake and Lonsdale represent a genuine opportunity to transform your approach to storage. Instead of viewing monthly storage payments as an unavoidable expense, you can reframe them as investments in your own asset.
Ready to explore ownership?
Contact Arc Properties or visit propertiesbyarc.com/garage-condos to:
With Arc Properties' 35+ years of South Metro real estate expertise, you're working with a trusted partner who understands both the investment side and the practical storage needs you're trying to meet.
The question isn't whether garage condo ownership makes financial sense—the math clearly shows it does. The real question is: how much longer will you keep renting instead of owning?
