Commercial Space to 8 Unit Multi-Family Projected NOI 118K

[Angela Beers]

4500 sq ft. commercial space recently rezoned for 8 2bd/2bth apartments in a great location with an excellent school district and huge upside!  I have been looking at this property for 2 months as it's just sitting vacant and I drive by it every day. I found the seller, called him and he would like to sell before dealing with the "hassle" of renovating it. We are meeting next week to walk the plans. Market value in it's current condition is between 650-700K my projected value after completion is 1.5M, a 7.9% cap. How do I fund it? Purchase, reno and refi into a long term loan product? Thanks in advance!