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Updated about 2 years ago on . Most recent reply

User Stats

33
Posts
5
Votes
Dave K.
  • Rockford, MI
5
Votes |
33
Posts

commercial building as residential multi options

Dave K.
  • Rockford, MI
Posted

Currently working with the seller on a commercial chiropractor office,2800 sq ft. on main level.(was a house at one time) with two residential apartments.  currently has a nice basement apartment($750 1 bed) and a 2nd floor apartment($600 2 bed 20 yr tenant).   commercial space is dead in this town, with plenty vacant, but residential rentals are hard to find.   Ive been talking with the city "planning and zoning technician".    Shes young and has told me via email that i can make it 100% residential.    Before closing she checked with the city lawyer and he basically said no way.   "you can try for a variance after you buy it".   Aparments on this street are nonconforming grandfathered in.  If you add one more unit you lose the other two.  Whaat??.  Selling realtor has been active in the town for 25 years, and mentioned a lot of turnover in staff and variances.    Heres a thought ive had.    Keep it commercial, as I dont think they will allow it to be changed back to residential, even though there is mulitfamily on both side of this property.  Ask to  2 more residential units.  so 5 units keeping the commercial status.      sales price to be $189k.   its bringing in $1200 for two apartments.  low for the area.    i have 2800 sq ft of space to income.  $2400-$2800.   seems im trying too hard to make this work.  very nice building with a 2 car garage.  1 block from bars, and restaurants.  few blocks from university and hospital.   talk me off the ledge..lol

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