Turning a 5,000SF office building into rental units

[Dominique Mitchell]

There is a office building in my area. It is currently being sold for $150,000. New roof will be need. As far as The inside go I’m not sure. I do know whoever that the building has recently been occupied and not abadonded. The building is 5,942sf. The rentals rates in the area are $700-$900. I’m thinking of making the building into two bed 1bath units if the city allows. Big questions I have is. How does one typically go about turning a building into rental units. Average cost to do this. And what to expect when getting into with is almost like development?

Thank you in advance for the feedback