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Updated over 2 years ago on . Most recent reply
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Half residential half commercial
So I have acquired a property that is a two story building. The top story is a triplex. 1x 1 bed and bath, 2x 2 bed 1 bath is residential.
The bottom floor is about 2600 sq ft grand fathered commercial. I am trying to figure out if I build two units in the bottom would this turn the commercial into residential? Also would this lower the value of the building? There is no businesses in this region anymore as the growth has slowed but rental properties here are still desired. This is why I would like to add two more units to the bottom. Any feedback would be appreciated! Thanks!
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@Charles Roy The biggest problems come when you are trying to go from residential to commercial. Check with your zoning department. They will give you the best answer and what you will need to do if you want to change the zoning. You may not have to. It looks like residential is already in place with the apartments on the top story. Also, consider a cost segregation study and get a no-cost estimate. It may give you the extra cash flow you need to do all or some of the renovations you will need to do.