The three persons were sleeping at the warehouse, located in Azmi compound on Durga Mata Mandir road at Sakinaka, when it came crashing down, said an official of the Brihanmumbai Municipal Corporation's disaster control cell.
The deceased have been identified as - Ismail Anwar (20) and Amin (25).
Another person, Mubarak Munna, who was injured in the mishap, was rushed to the Rajawadi Hospital where his condition was reported to be stable.
The cause of the collapse is yet to be ascertained, the officials said.