Boiler Needs Replacement in 10-unit Apartment Building - HELP!

[Vasundhara Ranjani]

I have a 10-unit apartment building and got a call from my PM this morning that there was water pouring out of the boiler in the basement/boiler-room and so when he had it inspected, he was told the boiler was gone and needs to be replaced.

He says that it will cost $40K - $60K to replace the boiler. Is this accurate? Also, what kind of boiler should we use to replace it - something that is more modern, efficient, and effective?

Also, what alternatives are there instead of using a boiler system for heating?

It was suggested that we can install electrical heating systems in each unit so that the tenants pay their own heating bill and we won't have this boiler issue going forward. Approximately, how much would this cost?

The building is in one of the states that has a lot of snow so the winters are rough. Thankfully, the weather is fine now so we have some time, but not a lot before we find a proper solution.

Please help.