Apartment Basements - Revenue/Amenity Options

[John Casmon]

I'm evaluating a few 15-30 unit value-add apartment buildings with large basements spaces (1000-1500 sq ft per building). These are in emerging B-/C+ areas communities. The ceiling height is typically around 7 or 8 feet. We're exploring adding garden units, but it's less than likely due to the fact the city (Chicago) is notoriously difficult on these matters. I'd like to make the space functional for the residents and have it directly increase the NOI or serve as an amenity for the property. There is already a laundry space and I've thought of building out a game / entertainment room and an office/business center.

Would like to get a short list together and then poll residents for what amenities they would like and be willing to pay for.  What are some thoughts on maximizing this basement space? Does anyone have experience adding functional space in apartment basements?

[Andrew Kerr]

@John Casmon - look at adding storage rooms. @Matt Faircloth did a video a while back where they showed how they build out storage rooms in a basement with chain link fence.