Thoughts on what to do with commercial building.
Hello,
I own with a partner a commercial building here in Kentucky that we have done some work on, had an LOI and prelim contract but nothing has come through. It is about 20,000 sq ft with a parking lot and about 1.8 acres, all open inside with 4 bathrooms, 4 entrances, it's an old bowling alley (none of that remains, lanes, etc.) Does have fire suppression system for restaurant space.
I have had some ideas on what to do with it, just looking for input on those or any fresh ideas, or we may just keep it for sale/lease.
1. Climate controlled storage - though the metal to construct the individual units is pricey, thought about starting there and then constructing outdoor units once it was bringing in money.
2. Event center for wedding receptions, class reunions, etc. I feel like this is a going to involve more than what I am wanting to do, but I am thinking I could get someone to run it and pay them per event.
3. Flea market, lease units (about 100 would fit at $100 per unit) would need employees which I like the least of all and doesn't really cash flow.