Re: Self serve garages - or a man cave!
I currently work out of home garage, its a 3 car garage but tandem so not much room to install a two post removable lift. I use jack stands for now.
I've been contemplating to get my own shop/garage and rent out.
Here are my assumptions 3k rent and insurance on a 1500-2000sqft (in bay area, ex: concord) 36k per year
Lift, tools etc: 15k
office supplies, wifi, coffee, misc stuff etc: 6000 per year
So total outlay in the first year: 57K
Assuming there are no additional expenses and trying to recover the cost in the first 12 months;
I have to rent the place 36 hours a week for 52 weeks at $30/hr rate.
To add to it:
If I am going to rent almost full time, I probably have to hire some one to be there all the time. Even a cheap guy at $15hr 12 hours a day 7 days a week (two guys working)
you are looking at $65,520.00 per year.
So, assuming the darn place is rented ALL the time 12hours a day 7 days a week, in a year, at $30/hr you will make about: 131040
So, after expenses, 131040-65520-57000 = $8520
All in all it is not a good business model to make money.
It may be fun to have my own place. Looking for commercial condo to buy and build a man cave with mezzanine level to have TV lounge, bed and bath and downstairs be office space and work space for auto and electronic shop area.
I looked a new construction on Industrial Way, Concord, CA for a 3400sqft shell they are asking $127/sqft. Plus another 150k or so refurb the inside for a man cave. At this point I am not sure I would rent it out...
Or, does it make sense to do this at all...
I know this is an old thread but wanted to get some comments