Creating income from unused space

[Nicholas Weckstein]

Hey everyone! Been a while since I’ve posted but have been busy.

I’ll get right to it.

Just purchased a mixed use commercial building and I’m looking for creative ways outside of living/business units to add a nominal passive income from the place.

The building is on a main road. I sat out front and counted cars for 5 min straight during peak time. We estimated about 100 cars every 5 min from my partner and I counting (each counted one direction) which would equate to about 1000-1200 cars per hour we went with 12-14k cars per day which we felt was a safe conservative number.

There is a advertising sign on the building on the side with is very visible while driving with a big light over it. Something that a prospective tenant would use to advertise the business at the location day or night. Im occupying the space with my business now and don’t need location based advertising.

I’d like to rent the billboard out. It’s a 4Hx8W sign. Im trying to figure how much to ask for such a billboard rental. Any suggestions?

Note: the sign is only visible when traveling one direction

I’m thinking of asking $150 a month with a 3 month lease pay in full or $125 w a 6 month lease paid in full. Month to month would be $200

Anyone think that’s to high or low? Location matters and this is on a very main road that travels through 2 counties, in many cities and has a lot of daily use.

Also going to make a few storage units in the building and rent those out. I only need some of the space not all of it. The goal is an extra $500

Thanks for reading!