Does anyone have expierence renting out commercial space on a daily, hourly, or weekly basis? I own a 1000 sq ft storefront and am considering renting it out for educational/wellness classes, a weekend flea market, maybe a small banquet hall, etc... Pros/Cons?
Why would you want to do this?
What is the construction of the building and age?
The 1,000 sq ft store front is it on a hard pin corner or main road?
What is the traffic count on each side of the road?
How much land (size) is included with the building and what is the shape of the parcel?
The reason I ask these questions is you want to define the properties highest and best use.You can rent out as you have said.
I see bigger shopping centers do this with big vacant space for Halloween,Christmas,Tax time for returns etc. Basically businesses that only want a few months max to a few weeks.
I assume that you have a vacant unit that you can't rent on a consistent basis so you're looking for some income to help pay the mortgage? The question would be, in regard to the utilites, insurance, etc. for those uses, does it pencil out?
The commercial space is directly below my primary residence. My idea was that if I create basically an open space I will be able to use it for my own gatherings as well. The space is currently designed as a beauty salon and barber shop. Each side was renting for $500 each/month.
The building is on a fairly busy road in a densely populated area near the city of Milwaukee. It is directly across from a grade school as well. I also am considering using the space as a type of before and after school only daycare.
The property is really the building only...not much of a lawn. I like the idea of seasonal renting, although that would elimanate any other ways to utilize the space at that time.
Hey @Matt Ausprung ! Did you find a use for it? I'm looking into something similar.