Options for rear of property - new paved road behind it

Options for rear of property - new paved road behind it

Member since 2020 · 1 post · 0 votes

I appreciate any ideas and input...I own a rental duplex that is doing well in the 4 years that I've had it. However, an old dirt access road behind the property was recently paved and has some new townhomes along it, leaving me with an interesting opportunity for additional cash flow. The lot is 60 ft wide and we could use about 30 ft of the existing yard without disturbing the tenants/leaving them with a backyard. The lot cannot be further subdivided nor can we add an ADU based on my conversations with the city.

My ideas: several garage bays to rent out, a paved or gravel parking lot with monthly fees (near a boat ramp), or storage units. 


Does anyone have any innovative strategies or success stories of their own turning unused portions of their investment properties or land into additional cash flow? Really appreciate your inputs!

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  • Alan AsriantsBusiness Member
    Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
    10mo

    storage and parking are great ideas. You can also combine both. 

    Minimal maintenance and decent returns. Check with local township if its allowed or if rental license is necessary - typically not since its not a living area 

    Alan Asriants - New Century Real Estate 591 Reviews
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  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    10mo

    Garage and parking. RV parking for neighbors with smaller lots?

    However, I would be a bit concerned that your existing tenants might be disturbed by the coming and goings, so maybe limit the hours/days of operation....?

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