We just completed 50,000 sf on septic. And will be starting another project on Septic as well. Both sites had potential connect to sewer but cost was too high to justify. Tenant impact. We couldn’t accomandate a potential brewery or commercial laundry. All other users are light water users - little use beyond toilets, slop sink and occasional hosing of vehicles. Land impact. We were able to install the septic under the parking

Agreed. We sub meter water usage and can charge fees for excessive water use.

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Understanding Flex Markets Fri, 10 Jul 26 - my Ai summary notes Why Flex Over Storage - Small bay flex serves small business owners directly, not just consumer storage needs - Growth of small businesses (especially those without W2 employees) and trade businesses is accelerating - Storage rates on 10x30 units now exceed 10x10 rates, with contractors renting multiple units across facilities: clear unmet demand - Rates in most markets went from under $10/sqft five years ago to high teens now, confirming supply/demand imbalance - No data aggregation equivalent to storage (FractIQ, Storedge, Yardi, etc.) means less oversaturation risk, but requires old-school research Picking a Market - Know exactly what you want to build before evaluating any market - Unit size matters: 1,200, 1,500, and 1,800 sqft are the target range - 30ft width is the limit for light gauge steel without switching to pre-engineered metal buildings (allows drive-in door + man door side by side) - Pre-engineered metal buildings offer more flexibility (e.g., opening up space for larger tenants) but are a different product - Boots on the ground are non-negotiable: visit existing facilities, talk to tenants, walk in and ask what they’re paying - CoStar/Crexi may show $13/sqft NNN; actual leases can be $23-24/sqft modified gross - Use a 20-mile drive time as the demographic trade area for service business tenants - Adjust for density: high-growth markets need fewer existing doors if pipeline multifamily is 20%+ growth - Two primary tenant types: trades and service companies - Brokers consistently say “that product doesn’t exist in our market” for 1,200-1,800 sqft units: a signal, not a deterrent - Cody Pain’s “World Engine Report” is the best data source for ground-up development - Free if you’re far enough along to send an LOI - Includes number of incorporated businesses in a trade area, which is hard to find elsewhere - Also offers feasibility studies useful for bank financing

Mark Here are the details of our 4 building 50,000 sf project we’re building on an infill site in the Boston suburbs. https://www.skool.com/small-bay-basecamp/roast-my-ground-up-deal?p=eee4ab84

Sam, I brought my GC in as a JV partner. He builds at cost (open book) and we split half the profits after the equity investors get their 8% preferred return and the other half of the upside.