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Updated almost 10 years ago,
How to convert garages into higher income spaces in residential zoning?
Hi BP,
I'm in contract to buy my first 4-plex, which has 2 underused accessory buildings that I would like to turn into money makers. One is a row of 5 garages, the other is a row of 4 storage units. The property is in a residential zone, so I'm told I can't convert them into any commercial space such as artist studios, offices, etc. But I KNOW I could make more out of them if I could rent them as finished space, rather than as garage/storage.
Any ideas on how I could creatively renovate and market these spaces for $$?
Thanks!
Geneva
Ideas I've considered:
* Rent them as "hobby space" for artist studios, workshops, or man caves, clearly stating in the ads and lease that no commercial use is allowed.
* Turn garages into a 1BR loft-style apartment. Leave storage units as-is.
* Finish the spaces and attach them to the current apartments as bonus rooms and charge higher rent (once current tenants move out).