I recently bought my first commercial property in Glendale, AZ and there is an additional half acre gravel lot surrounded with security fencing and a security gate.
I have long-term lease set up for the building on front half of the property, but I’d like to start adding value and cash flow to this back lot!
I’ve considered parking spaces and storage units, but I’m not sure if that is the best use so I’m looking for any suggestions! The property has M1 zoning.
Please provide any suggestions for how I can best use this land to produce additional revenue￼!
How big is the building on the front half?
@Cason the front half acre has a 1200 building has 4 office spaces and break room, large garage in which the current tenant keeps his machines, and an covered overhang with 3 large bays for additional operation of his business. This is all light industrial space.
The back half acre is a flat empty gravel lot.
.5 of an acre is not a lot to work with, especially if there’s not good street visibility/access. I would consider using the lot to expand your existing building and doubling or tripling the size, and turn it into a multi-tenant building.
in my area there is a good demand for secure parking for peoples campers/boats.
Not a big area but you wouldn't have to spend any money to start.
There is always demand for parking and outside storage. I have had success posting on Facebook and a sign on the property. We purchased ~2 acres for 185K and have multiple tenants paying a combined rent of $3,100/month gross.