Adding Storage Units to a Duplex

[Marcus Marsall]

Hi All

Looking to add new streams of revenue on a property we own in San Leandro. This was our first property, and unfortunately when we bought this property we were unaware that our mortgage statement would be subject to change as much as it did ($1200 increase) due to property value and negative escrow, now leaving this property well in the red month to month. Long term I do see this property being a great asset so we don't want to sell necessarily. Our hope is to find ways to increase cashflow with this property short term and reduce our bleeding, and also consider the cost associated to implement.

The property is 2 units fully occupied. 1 tenant already rents out our garage for an extra cost, the other tenants are left with no additional storage outside their unit. We have a "side yard" exposed to the street that is about 1500 sq/ft and not being utilized (currently there is a large mulberry tree that would need to be removed). This space is located on a "somewhat" busy street, a good amount of commuters drive by daily getting to the highway. I feel like there has to be something we can do, like adding mini storage units for both our tenant and outside customers to rent. I haven't been able to find any vendors offering something that might work for something like this. 

I guess I'm posting several questions for the community. Not all need to be answered but any help/insights or advice would be appreciated. First, any ideas to add cashflow to a property with minimal investment? Or use of a 1500 sq/ft outdoor space located on a busy street? Another area of knowledge we would greatly value is general guidance on how we are looking at this problem, and if we are approaching this the right way. This has definitely put a strain on our monthly spending, and feel a bit stuck atm and we really don't want to stop adding to our other investments bc this property makes us lose cash month to month. Long term the plan is this property is a key piece of our retirement, wondering if we can do better.

Thanks and open to sharing more information if it will help with anyones feedback!
Marcus