creative ways to profit with a 10,000SQft Chicago warehouse?

[Mechanized]

So, I'm an importer . . . my office is in a warehouse situated in a safe/commercial part of Chicago's East Garfield Park neighborhood (<---which is overall, the ghetto, but just 4 miles from downtown).

Right now, the building's owners (with whom I have a long and solid relationship) are trying to sell me on a very private, 2nd floor space that is 10,000 square feet, open and RAW. There is a loading dock on the first floor but no elevator.

I declined, but they just called and said ''make an offer,'' which would put the price around 10-15 cents per square foot, which has got me thinking about different ways to make money with a large space (storage, daily rentals for arts/AV productions, etc), but I would LOVE to hear some different perspectives on ways to make money with a space like this at your disposal.

If I could generate just $750 a month, I would jump on this place.

thanks all !

[M.C.]

Indoor Paintball, Indoor Dog Park (For people who don't want to stand in the cold during the winter) , Indoor Playground, rent the space out for more...

Just some ideas

[Bodge4]

Indoor lazer tag, indoor soccer/hockey, indoor kids place, storage is good, dance studio, cardio gym, indoor track for running

[CGM]

Indoor skatepark. Sending this thread to some Chicago dudes right now.

[Miasma]

My friend Soma is interested in leasing it from you. Email him at Somatoast2003[at]yahoo.com

[geograv]

How about a refrigerated storage facility for food? You could start small and grow within the facility.. like USCS - United States Cold Storage

[cashflowcook]

With out a doubt your best ROI will be going the storage route. The best benifit of storage facilities is the low failure rate of approx 8 percent.
You will need to check your market a bit but I'm guessing if all you need to make is $750 that should be a cake walk with storage. I do mentoring in real estate and storage is one of the best buy and hold ROI's you will find.

[Privateer]

I'm not sure how many people want to go with second story with no elevator storage. I say go with indoor laser tag.

[DerekS]

With out a doubt your best ROI will be going the storage route. The best benifit of storage facilities is the low failure rate of approx 8 percent.
You will need to check your market a bit but I'm guessing if all you need to make is $750 that should be a cake walk with storage. I do mentoring in real estate and storage is one of the best buy and hold ROI's you will find.

It sounds like the lack of a freight elevator precludes this option. Otherwise, I'd agree 100%.

[Filip]

What about making it a concert hall? I know a guy that was in the same position as you. He got an offer to rent a hall, very cheap, because the owner didn't know what to do with it. The place became very popular, and today he's a millionaire.

[Tdadd]

Indoor skatepark. Sending this thread to some Chicago dudes right now.

This. There is a huge market for indoor skateparks in the Chicago area. The closest indoor park is in Milwaukee, and many people have wanted one in Chicago for quite some time now. I can guarantee that it would be successful if you did it right.

[rogercbryan]

So, I'm an importer . . . my office is in a warehouse situated in a safe/commercial part of Chicago's East Garfield Park neighborhood (<---which is overall, the ghetto, but just 4 miles from downtown).

Right now, the building's owners (with whom I have a long and solid relationship) are trying to sell me on a very private, 2nd floor space that is 10,000 square feet, open and RAW. There is a loading dock on the first floor but no elevator.

I declined, but they just called and said ''make an offer,'' which would put the price around 10-15 cents per square foot, which has got me thinking about different ways to make money with a large space (storage, daily rentals for arts/AV productions, etc), but I would LOVE to hear some different perspectives on ways to make money with a space like this at your disposal.

If I could generate just $750 a month, I would jump on this place.

thanks all !

Does it have plumbing, heat, and AC? If it does then you have a 10,000sqft loft waiting to be rented! Artists love these types of places if it is zoned residential. I've been looking for something like this in DC for two years now.

[rogercbryan]

sub-let, sub-let, sub-let... why deal with all the headaches of these low margin ideas... if you can rent it for $1000 to $1500 a month and then lease it for $3000 a month as a loft unit... well.. you do the math!

[JakeHeltz]

Subletting is probably the best way

[allrelative]

or buy the whole building and make a rock climbing gym...