This Capital Improvement Will Pay For Itself in Less Than 60 Days
Working on a capital improvement in Elk Grove, CA this apartment community was able to turn some maintenance storage space into income producing garages. It is always a good idea to look at ways of spending a little money to make some money in apartment complexes. Here is an example of how we helped Somerfield at Lakeside convert this large 6 car garage into smaller more desirable garages.
Tromler Construction got a call to add two walls to an existing 6 car garage. The space was being used by the management company for storage and the open space garage did not have much of a demand to rent. However, many of the residents were willing to pay for a spot in a two car garage. Since the space could easily be divided into three two car garages, they called us for help.
A contractor could easily frame up and sheetrock walls to create a safer, more useful space for the residents. There was a waiting list to pay $150 per car in these two car garages on the rest of the property, so it made sense to get this building in the same condition. So that is what we did. This original 6 car garage is now 3 two car garages that generates $900.00 per month.
The Return-On-Investment for this Capital Improvement is pretty high. The entire project will be paid for in less than 2 months. Why did it take so long to make these changes? It was probably the fear that the cost would be too high to justify the improvements. That’s why it is a good idea to work with a contractor that can explain the cost and options to make a capital improvement to your property.
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