The Brief
Acquisition / Purchase of a suitable property to provide multiple uses and income streams. The ideal investment would combine a residential rental with sufficient commercial capacity to incorporate office and retail/recreational components.
CONCEPT
To create a multifaceted workspace within which various aligned businesses can co-exist. Combining these elements with other complimenting recreational and or retail option to generate traffic and exposure.
Property Example: Nikles St Live Work Condo
Nikles is a Live Work development I have kept an eye on for some time as it provides all requisite elements. Acquisition Prices, at this time, for sale tend to be mid $600,000 (when available)
Commercial Space
Measuring 850 sq ft the video opposite shows the configuration of this unit has been designed to incorporate a sleeping area. My proposal would be to incorporate a simulator in this area. See below income sources.
Income Sources Slider
Residential Rental
Either Long Term or Vacation Rental of the Residential Element.
Indications are that the more secure route would be longer term. As this should support a monthly income of at least $2,000. The daily rate of approximately $130 per night for a similar vacation rental would suggest it would need to be rented for a minimum of 50% of the year to make similar returns.
Residential RentalGolf Simulator
Despite prices becoming more reasonable for high quality simulators Bozeman still does not have a great many commercially available. Those that are generally rent for approximately $50 an hour. During the winter months demand can be expected to be high. During the Summer the space can be repurposed as the hardware is limited and easily dismantled.
Golf SimulatorDesk Space Rental
Deskspace rented to YRG (my Brokerage). For 2-3 Agents (including me). I would anticipate this would net only between $300-$500pm.
Alternatively, could be advertised as Co-work deskspace for 3-4 people potentially. See Sidecar Rates.
Yellowstone Real Estate GroupPotential Retail Element
Tom Pallach Photography
To be discussed. Foot traffic through the simulator might lend itself to some limited retail capacity. Artwork, affiliate programs, etc.
Retail (limited)Private Car Rental and Potential Car Resale
Utilizing Turo we can rent private cars during busy seasons almost constantly. Care to be taken to acquire suitable and more interesting vehicles are best prices. Resale opportunities for such cars can provide further income possibilities. View Turo Case Study and Business Model Proposal
Cars
Existing Business President
I have long wanted to find an office environment along these lines. My desire is to be around other like minded people in a relaxed but productive co-work environment. The success of laces such as The Sidecar Club suggest this is realistic, albeit this would be on a much smaller scale.
See the sidecar club pricing structure.