Building a 3 or 4 bay garage to rent

[Eric D.]

Hey everyone, I am seriously considering building a 3 or 4 bay garage to rent for storage... I purchased a duplex in Salem Massachusetts about 6 months ago and it has a good sized lot which would be perfect for a garage in the back of property... How the lot is situated would allow the garage to have its own street frontage and independent access. The neighborhood itself is pretty cramped and congested so I believe my neighbor's would be interested in renting some of the bays as well as my tenants... I would probably attempt to rent out a couple parking spots to the neighborhood as well. If anyone has suggestions or experience with this issue it would be great... I wonder about profitability, what kind of garage to build and also if you would bring the entire property value up... Thank you

[Kevin Harrison]

I would save at least one bay for each tenant. You will attract a lot more tenants and be able to get slightly higher rent if you offer off street parking as part of the unit rental.

 Other wise I would say you are well on your way to making some extra money.