Updated over 5 years ago on . Most recent reply
Help Me Decide How to ADD VALUE
I recently purchased a 10-unit mixed-use property on the main street (State Ave) in Marysville WA. I feel very good about the investment and I have a lot of good ideas on how to add value to the apartments. However, I'm at a bit of a loss for the commercial space. It's a 600 SF rectangular single-story space with a nice frontage to the street, and a 60's design. Research indicates that about 25K cars per day drive by the space.
The nail salon that was there for several years moved out not long before the purchase and a barber shop moved in just before closing. The rent is $1,000 per month, The barber shop is on a one year lease, and I doubt it will survive the Covid crisis since they still hadn't opened their doors prior to the shut-down. Also there are about 6 other barber shops within two blocks. Down the street two blocks there are major new tenants like Jimmy John's, MOD pizza, Walgreens, etc.
What can I do with this space? There's plenty of room for parking. I can expand the parking next to the building if needed simply by installing a fence across the property. I'm open to all ideas including renovation, expanding, tear down, etc. I want to get the income on this to be at least $2K per month if not $3K. Also, tips on how to market to attract the right type of business would be helpful. The prior PM found the barbers by putting a For Rent sign in the window.
