Hey guys,
So a friend of mine (he's kind of like a grandad to me) has a camera store on Woodward Avenue in Birmingham, Michigan. For those of you that don't know, this particular area is becoming incredibly expensive.
The building is old, awkward, and clunky, but the man's paid it off years ago and bought off all his partners. He's got a second half and upstairs that he rents to a bank.
We want to expand the building, add a floor and get some more tenants in- but here's the problem.
VERY limited parking.
There's a single lot, but between his store and the bank's employees, its almost always full.
Which means: we can't add normal big comercial tenants because they require a bigger lot.
Got any ideas?
Anything with very low levels of parking but marketable enough to justify renovating the building for.
We're considering things like a fancy condo- only requires one or two parking spaces and we just stick it on top of the existing building. Could be ugly, but there's a growing market for street-side condos.
Would love any tips, hints, or thoughts! (I know nothing about real estate, and am trying to bone up on zoning laws, but am generally clueless)
thanks!
So a friend of mine (he's kind of like a grandad to me) has a camera store on Woodward Avenue in Birmingham, Michigan. For those of you that don't know, this particular area is becoming incredibly expensive.
The building is old, awkward, and clunky, but the man's paid it off years ago and bought off all his partners. He's got a second half and upstairs that he rents to a bank.
We want to expand the building, add a floor and get some more tenants in- but here's the problem.
VERY limited parking.
There's a single lot, but between his store and the bank's employees, its almost always full.
Which means: we can't add normal big comercial tenants because they require a bigger lot.
Got any ideas?
Anything with very low levels of parking but marketable enough to justify renovating the building for.
We're considering things like a fancy condo- only requires one or two parking spaces and we just stick it on top of the existing building. Could be ugly, but there's a growing market for street-side condos.
Would love any tips, hints, or thoughts! (I know nothing about real estate, and am trying to bone up on zoning laws, but am generally clueless)
thanks!
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