I'm looking at buying a building close to my downtown neighborhood that includes a 10k sq/ft climate controlled (heat and dehumidifier) warehouse. I would like to use it as a shop as well as car storage and am considering a number of options and would appreciate this forums feedback.
1) Co-op garage supporting 20-25 members who would share tools, common lifts, etc. The biggest hurdle here is the liability but I like the idea of working on cars with others and garages (not to mention tall ones with lifts) are at a super premium in my pre-war neighborhood. Target range is 250/month/member
2) The other extreme is a car barn where I just store cars with very limited access. We schedule pickups and drops. 100/month per car.
There are lots of in betweens but there is only so much room and if people are going to be self-parking, security and extra space around each vehicle start to take up margin. In the surveying I've done locally, there is a lot of interest in a club type setup, but that involves a lot of upfront investment that I might rather spend on more cars of my own.
To be clear, this is not intended to be a money making venture, but hopefully something akin to what I find on this forum, or perhaps an extension of it. With any luck it would cover the note and in 20 years the building will be paid off and entirely full of my own relics which I won't be allowed to drive on public roads anyway.
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1) Co-op garage supporting 20-25 members who would share tools, common lifts, etc. The biggest hurdle here is the liability but I like the idea of working on cars with others and garages (not to mention tall ones with lifts) are at a super premium in my pre-war neighborhood. Target range is 250/month/member
2) The other extreme is a car barn where I just store cars with very limited access. We schedule pickups and drops. 100/month per car.
There are lots of in betweens but there is only so much room and if people are going to be self-parking, security and extra space around each vehicle start to take up margin. In the surveying I've done locally, there is a lot of interest in a club type setup, but that involves a lot of upfront investment that I might rather spend on more cars of my own.
To be clear, this is not intended to be a money making venture, but hopefully something akin to what I find on this forum, or perhaps an extension of it. With any luck it would cover the note and in 20 years the building will be paid off and entirely full of my own relics which I won't be allowed to drive on public roads anyway.
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Outside of the cost of liability insurance, have you looked at the utility bills? Is it safe to say it has a bathroom? You'll probably want to install eye rinsers, accessible extinguishers, etc. Do you need a fire suppression system? Also, do you need to address carbon monoxide with exhaust tubes or vent fans?
