Of course, an apartment owner’s main source of monthly income generated from the property will be rent collection. However, there are alternative ways to generate additional income that may just transform your investment from a “break-even” asset to a profitable one.
Laundry Income
Laundry machines on site will consistently drive more dollars per month to your investment. There are a handful of competitive and proven laundry companies that will not only service the machines and collect coins–but they will also provide the machines themselves and possibly pay you “door money” (dollar amount per unit) to sweeten the deal. Of course, these companies have to make their money as well. Typically, the laundry company has several profit-sharing plans it will offer depending on the size of the building.
Cell Tower Licensing
Another avenue for additional income is the issuing of a license or lease for a cellular tower to be placed on the property of an apartment or commercial building. The space consumed could be as small as 10′ by 10′. As we all know, cell phones are not going away and the required cell phone towers need a place to hunker down. Depending on the cellular company, it is not uncommon to receive an additional $750 to $1000 per month for the placement of a cell phone tower at a property.
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