Warehouse to Apartment Conversion

[Ryan Deasy]

Hello,

I am in the early stages of trying to figure out of if this deal is something I should pursue. The property is 65,000 sq ft and in a great location but has been on the market for 3 years now. What I am looking to do is to covert it to strictly apartments or possibly mixed use. Mixed use being apartments and a few store fronts. Is there anyone that has done this before? I know you need more details to offer advice, so please feel free to message me. Otherwise, any tips on how to get started would be very much appreciated. I do know I need to go to the town and ask for a variance/change of zoning. I also will need to raise around $1.5 to $2M to purchase and rehab it. 

In case you are wondering, the property is in Connecticut in the New Britain, Newington, CCSU area.

Thanks in advance!

[Oren K.]

Hi Ryan,

I looked into this once and leaving aside all the permitting / zoning / construction costs etc. the one take away I got was that only certain kinds of structures are preferred for converstion. There is a reason that apartment buildings are generally long and narrow. You don't want to have rooms (bedrooms, living rooms) with no windows (bathroom as a possible exception). If you accept that as a premis, then the bedrooms and living room have to be strung out along the exteriror wall.

Most units are no more then 20 ft deep so if a warehouse is 100 ft x 100 ft (that's only 10,000 sq ft! per plate), you have a problem with the core. One possible option is to drive light wells in various places (you loose space but gain units) to provide the core units with both some light and alternative egress / exit (fire code in many places).

Make sure you have a good architect / designer who knows local code before you go to far. Hopefully you can arrange a meeting with one and they should be able to educate you on what to look for and what to avoid.

Oren