Additional Income Revenue?

Question

Hi,

I know this probably isn't the right forum to put it in, but I didn't know where else to put it.

My client just bought a 4 story building in Brooklyn, NY.  We are currently soliciting wireless companies about putting cell towers on the rooftop.  First of all, does anyone have any tips/advice/suggestions on this route.  I have been in touch with both the companies directly, as well as tower companies who build the structures themselves and then get wireless companies to lease space for a percentage of the revenue.

Secondly, I started thinking there has to be additional ways to generate income from the property.  Would love to hear some creative ideas from the BP community.   There is no parking lot, driveway to rent out so that's out the window.   I'm waiting to hear back from Verizon to see if they will pay for the right to install FiOS in the building.   Another idea we had was to rent out the basement space to a local yoga teacher or something of the sort.  Another idea was to put laundry in the basement but the owner isn't too keen on that.

Would love to hear from all of you.

-Tal

Jason Kosowan · Answer

Related to the laundry in the basement idea, this could be worth discussing again.  I've heard that there are companies that specialize in multifamily coin laundry machines.  They do the installation, service, collection, basically everything and in return, they give you a percentage of the profits.

Once I get my first multifamily, I'll definitely be going this route.

An alternative is to use the basement and put together a series of storage units.  This would be an upsell to your existing tenants and for $X/month, they can rent one from you.  This may require an initial investment, but I'm sure it will recoup quickly.  Additionally, if you don't have water hookups, storage units could be an alternative to laundry.

Jeremy D. · Answer

I would be interested in hearing about the financial background of this property- what the purchase price was, how old the property is, what is the total monthly rent, etc.  And i'm curious, why would a cell provider choose this building as opposed to a neighboring building?