Investing upgrade rooftop deck

[Christopher Bell]

I’m in the process of considering putting a rooftop deck that’s 500 sqft on an unfinished roof on a condo in Chicago IL wicker park. Does anyone have an idea of how much rent per month that would be worth? My thoughts were for a 3 bed 2 BA that would be worth 500 a month more where I could raise rents from 3800 to 4300 which would be 8.5% return on capitol where it will cost 70k to build.

[Mark Ainley]

Thanks @Jonathan Klemm and hey there @Christopher Bell.  That seems like a large jump in rent for this one improvement.  I imagine you can get a $200-$300 hundred more for sure but what this feature does is get your place rented faster and tenants stay longer which in the end of if you have 2 less turnover overs in a 10 year period then you pick up a chunk of money there in addition to the few hundred more.