Hi everyone,

I am closing on a Northeast Philadelphia triplex by the end of the month.
It currently has 5 beds and 2.5 baths, with 3 units that have their own separate entrances.
The first ground unit is a small studio space that I plan to live in, that rents for approximately $750 a month.
The second ground unit is a open concept 1 bed 1 bath that could rent for 950 a month, but currently rents for $860 a month with the existing tenant.
The 3rd unit is an upstairs 2 bed 1 bath unit with an unfinished roof patio access, and an unfinished attic space that could potentially be renovated into another room.
There is also an unfinished basement space, and a 1 car garage with a fenced in driveway.

I am trying to maximize the space once owned, and was wondering how I should get to the highest and best use of the property.
I have gotten some suggestions ranging from creating sectioned off storage space in the basement to rent out, to finishing the basement to make into another livable space as it has it's own egress. Should I finish the attic space to add another room to raise rent for the upstairs unit or just leave it as storage space?

Any and all suggestions and advice would be helpful, and thank you for your time in assisting me through my owning and operating my first multifamily property.


Justin Park