Maximizing Triplex Value & Cash Flow

[John Tricas]

I will be updating interior of property soon and was trying to figure out maximum land use especially for cash flow. Lot size is .55 of an acre. In the front there is off-street concrete driveway parking that could probably be made into garages or car port. In the rear of the property I was thinking about constructing nice matching storage sheds.

There are small storage sheds already on the back decks but they block the kitchen wall where a nice bay window could be inserted to let more light in. The water heater would need to be relocated.

There is also a "dog leg" portion of the lot (approx. 25' x 75') that goes behind the neighbor's lot next door. It is vacant, unused with 2 large trees. I have advertised it as a "dog run" to potential clients but that isn't a big draw. The neighbors have expressed interest but no $ has been discussed.

Comments or thoughts on maximizing cash flow and property value? Is it worth the cost and how much more $ will I command? Thought I'd throw this out there. I realize I need to investigate more, i.e., how valued is storage and a garage or simply a cover port? Any other creative ideas are welcome.

Thanks.