June 3, 2026
Most real estate investors start the same way. They look at a property, run the numbers on rental income, maybe stress-test it with a vacancy assumption, and call it a day. Rent in, expenses out. Simple enough.
But here is what that approach misses: a building is not just a collection of units or floors. It is a platform. And like any platform, it can generate value from multiple directions at once, many of which never show up in a standard pro forma.
Once you start seeing your property this way, you will notice opportunities that most owners walk right past.
Rooftops are some of the most underutilized real estate in any building owner's portfolio, and they are increasingly valuable to people who have nothing to do with your tenants.
Telecom companies are constantly looking for rooftop and land access to install antennas and wireless infrastructure. These cell tower leases tend to be long-term, stable, and largely independent of what is happening with the rest of your building. They function almost like a separate income layer sitting on top of your property. Rents can range meaningfully depending on your location and the carrier's need for coverage in your area, and the revenue tends to come with minimal ongoing obligations on your end.
Beyond cell towers, rooftops can also host solar panel installations through lease or revenue-sharing arrangements, HVAC equipment from neighboring tenants or third-party operators, and in some cases water towers or utility infrastructure. Each is a separate conversation, but none of them require you to add square footage or find another tenant.
This one surprises a lot of people, but it is very real, especially in dense urban markets like New York City.
If your building is not developed to its maximum allowable density under local zoning rules, you may be sitting on unused development rights, sometimes called air rights. In New York specifically, these rights can sometimes be sold or transferred to adjacent properties whose owners want to build higher than their own lot allows. The result is that empty space above your building, the height you never built to, can become a monetizable asset in the right circumstances.
This is not a simple transaction and it requires working with attorneys, architects, and city agencies to navigate. But for owners in the right locations with the right zoning, it is a legitimate and often significant source of value that has nothing to do with renting another apartment or signing a new commercial lease.
If your property sits on a high-traffic street or in a corridor with strong pedestrian or vehicle visibility, advertisers may be willing to pay for access to your facade.
Billboard placement and exterior signage rights are a real revenue stream for buildings in the right locations. In major markets, the right wall or rooftop facing a busy artery can generate meaningful annual income from a single sign.
Zoning rules vary widely by neighborhood and municipality, so this requires some homework, but it is worth investigating if your building has strong visibility.
Parking is an obvious one, but it is worth saying directly: if your property has parking spaces you are not currently charging for, or charging below market for, that is money sitting on the table. The same is true for bike storage, basement storage units, and cellar space that is currently being used for nothing or rented informally.
These smaller income streams tend to be dismissed individually, but they add up. A building with a dozen storage units, a handful of parking spots, and a managed bike room can generate a meaningful contribution to net operating income with relatively little infrastructure investment.
This is more niche, but for the right property in the right market, it is worth knowing about.
Depending on your building type, zoning, and location, properties can generate episodic income from film and television production companies scouting locations, pop-up retail and brand activations, private events, and short-term commercial uses. This kind of income is less predictable than a traditional lease, but it can be quite lucrative, particularly for properties in high-profile urban areas with interesting architectural features or flexible open spaces.
If this is something you want to explore, there are location agencies and production scouts who actively seek out properties like yours. A simple conversation can tell you quickly whether your building has the profile they are looking for.
The traditional way of thinking about real estate income, rent comes in, expenses go out, keeps most owners focused on a narrow slice of what their asset can actually produce. But a building represents a bundle of rights: rights to the land, the air above it, the walls facing the street, the spaces tenants never use, and the infrastructure no one is currently paying for.
Disclaimer: This content is intended for informational and educational purposes only and is not intended to be construed as legal, tax, financial, or insurance advice. Every property and tax situation is unique. Please consult a licensed attorney, CPA, or tax professional regarding your specific circumstances before making any decisions related to property improvements, tax assessments, or real estate transactions. Mohammed M. Rahman is a licensed real estate broker in New York. Contact: Mo@ClosedByMo.com.
