Multifamily to Condo conversion - Create value?

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Hi all,

I want to know if converting a multifamily complex (over 30+) units to condos would create value versus the midwest cap rate for multifamily. Condos aren't really too popular here assume you can  convert them to condos rather easily with little to no cost involved. 

Since home prices are so cheap/depressed in some markets in the midwest, I am not sure if people would buy condos vs buying a cheap home - especially if a condo could cost more. Think about an A property in a C- minus area. 

Has anyone done this with many units and can talk about their experience?