Replacing Electric Baseboard in 9 Unit.

[Cody DeLong]

I'm in a pickle and I'm trying to figure out what I should do.  Currently under contract with a 9 unit apartment complex.  It has an oil boiler that heats 1 apartment and 1 commercial space.  All of the other 7 Units are heated by electrical baseboard with the tenant paying electric (-$220 per month from market rent). The building is 3 floors. From bottom to top it goes:

Basement + 1 Apt with oil heat

Commercial Oil Heat

3 Apartments Electric

3 Apartments Electric

I'm buying the building with only 3 tenants and know the electric heat may contribute to the reason why its not being filled.  What kind of cost could I incur here?  My guess is around $30k for all the work but I know I could be wrong. I believe I can get some help from our local efficiency program which would be HUGE. Curious if anyone has ever had to do this with such a large building.