I need some ideas for a better use for a small studio apt that has been a pain in my butt, this is a small 380 something sq foot unit under a commercial building that we own. The unit is located off of a fairly busy 2 lane highway that serves as a pass through route for the residential neighborhoods and work places for 3 towns. The apt faces away from the street and is part of a small mobile home park that we own, I have a new tenant entering the unit on Monday but I doubt they will stay very long.
The unit has served as a transient dwelling for years because the power is on one meter to both parts of the building. Currently we are renting the unit for $95 wk with power and water included to keep the unit full and even the lack of power deposits is not helping a whole lot currently. The power runs around $75-100 a month on the unit and best guess is around 15-20 in water putting our net at about 315 before the 20%+ vacancy rate (which is what I really want to get rid of) and debt service.
Possibly uses I can think of are a free (or $100 month rent) home for a single / retired handyman & manager type person for our parks. Or breaking the unit into 6x9ish storage units generating about 4-6 units which would rent for roughly $30-40/month. I’m sure I’m missing the obvious best use of this unit and would like to hear everyone’s thoughts.
You can see the layout of the unit at: