I own 60 or so apartments in a major college town and looking for ways to maximize my cash flow. I want to diversify my rental income streams and find other ways to collect income other than just monthly rent payments. One specific property I own has a detached garage that’s in the direct path that students in the area walk to get to buildings on campus. I’d say on any given day there might be 500 - 2000 kids that walk directly by, 5000 within blocks. As it stands today, the garage generates $340/month by renting it to two tenant vehicles. The garage is in horrible shape and should be torn down to begin with.My question, what do I build in its place to generate a solid return? My leading idea right now is to develop a small two story building, rental unit on top and in basement, with a walk up window on the bottom to sell healthy smoothies. Students could by $5-$7 smoothie on the go while commuting to class. No cash, can place order ahead of time, minimal menu, etc. reallyYour thoughts on this idea are welcome and all other ideas are very much appreciated! Thanks! see hubwealthy.com/wealthy
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