converting old residential building into commerical

[Ben S.]

Currently own 33 unit Residential building in Downtown LosAngeles.. pretty much free and clear.. the building brings in about 18k/ Month Gross. We want to sell it... We have tried selling it for 4 million, but can't get a solid offer.. the going rate for commerical buildings in the area is approx 400-500/sf the building is approx 15k sf making it a total of 6 million - 7.5 million compared to the 4 million that we can't even sell... anyone have any experience doing this? Ellis Act the property and convert it to commercial warehouse/office or whatever commerical... the building would be worth much more. TIA