Do you have unused property space right beneath your nose that’s going unnoticed? Wasted space could be costing you tenants, ancillary income, and more. But it doesn’t have to!
We’re not interested in convincing you to invest in overpriced luxury amenities. But it’s important that we inspire you with insight into how getting creative may or may not impact your bottom line. Along with these insights are some ideas of how to benefit from a more impressive ROI as you further upgrade your multifamily commercial repurposed space.
Here are 7 ways to compete with outdated amenities by replacing, restoring, or optimizing spare multifamily property space along with the pros and cons of each investment.
What to Consider Before Repurposing Space
Can you afford it? How will this amenity age? What are the projected monetary or otherwise results from its addition? There are a few things to remember before you invest in an amenity, big or small. To really understand if an idea will enhance or devalue your property, consider the following.
Consider and calculate the cost and effective potential ROI of each creative idea. Will it raise community moral? Will it attract your target resident? There has to be an identifiable reason behind everything you allow to define your property and its objectives. Sometimes that’s going to be a significant increase in ancillary revenue and other times it will be to attract 6-figure earning Millenials.
What Tenant’s Want
Never use a garden to make up for tenant’s incessant requests for personal storage lockers. It’s better to address a need before supplying a budget-friendly amenity. Additionally, the multifamily commercial repurposed space should make sense. If most of your tenants are 50+ years old, a state of the art gym or sound-proof music rooms may not be as suitable as offering onsite cleaning services or nearby storage.
#1 Health Center
The average onsite apartment gym includes a few treadmills and free weights but is often marketed as a coveted feature. But does a fitness center really contribute to an influx of tenants?
- Creative health centers (including yoga/meditation studios, Pilates machines, and juice bars) offer variety and diversity and a great way to impress upon potential tenants your awareness of their lifestyle preferences.
- Gyms are so common in multifamily properties that its nearly routine to have one (even if their value is questionable).
- Onsite gym installations can range from $15-30k for average, commercial-grade equipment.
- Equipment must be regularly repaired and replaced for safety measures.
- A majority of your health-conscious tenants already have memberships to fitness clubs or wellness centers.
#2 Movie Theater
With Netflix being a regular pass time, should you invest in a celebration of community television binge-watching?
- Onsite mini-theaters are trendy and eye-catching.
- May inspire a sense of community when used to host watching events.
- Besides being a mid-tier amenity, it isn’t enough to warrant new tenants or additional income
#3 Community Garden
Going green is a necessary lifestyle and business shift that’s fast-moving in multifamily properties and their amenities. But not every property can afford eco-friendly solutions like smart apartment amenities. But, a community garden could be the next best thing and a step in the right direction for meaningful Multifamily Commercial Repurposed Space.
- A fun and unique amenity
- Speaks to the interest of millennial renters who prioritize sustainability
- Empty nesters also show a keen interest in gardening and it’s often something they give up when downsizing from a house to an apartment
- Tools and structure will require regular maintenance and additional water supply (regular expense)
- Depending on location, may only be a seasonal amenity
#4 Art Gallery
There’s nothing like the personal touch of your resident’s artwork on the walls. This is an affordable (literally free) way to decorate study spaces, a clubhouse, bathrooms, and other unused wall space. Invite tenants to submit framed photography or personal works of art to share with their living community.
- It’s fun and inviting
- Free decor!
- Though creative, it’s not the most strategic amenity and won’t warrant any monetary benefit
#5 Sound Proof Music Rooms
There’s nothing worse than your neighbor blaring their music or practicing the violin at any hours of the night. You’re likely to have quite a few aspiring musicians or metal head connoisseurs in your neighborhood. Soundproof music rooms may feel more like a massive favor to everyone else than just a luxury amenity.
- Keeps noise complaints at bay
- Earn ancillary revenue by charging for use of room per hour
- Can double as a soundproof study room
- Undetermined how often such amenity would be used
#6 Onsite Services
From maids to lawn care, dog walking, and car cleaning services, there are an array of onsite services you can offer to your tenants. These available additions can make up for a lack of physical amenities and provide luxury-level convenience.
- Inexpensive startup costs
- Helpful and convenient for tenants
- Keeps business close to home
- You may be liable for any negative experiences are damages
- Generated revenue may not be significant
#7 Onsite Overhead Storage
Onsite storage solutions are the Bradyl specialty, so we know just how necessary it is for your residents and how profitable it becomes as a multifamily commercial repurposed space. Our signature Bradyl Box™ is an innovative, anti-tip and free-standing storage locker that will maximize garage space by placing easily accessible storage above the hood of any Car, Truck or SUV. Sleek, stylish, and undeniably useful, this lucrative use of space can replace a lack of sheds, garages, and storage lockers on your property.
- Storage solutions can be rented on a monthly basis and provide consistent ancillary revenue that can be earned immediately
- Additional storage space is among the most desired apartment amenities in the nation
- Easy setup that requires NO renovation
- Secure and accessible onsite storage
- Modern and portable design that fits above parking spaces
- The Bradyl Box requires that you have sufficient onsite parking. But the Bradyl Bin doesn’t!
Bradyl is always one step ahead at addressing wasted space on multifamily properties. For a free consultation on how to repurpose unused square footage in a way that will scale your business and meet your tenant’s needs, contact us now.