Converting Apartment Bldg from Oil Heat to Nat. Gas

[Aaron Mazzrillo]

I have a 3 unit apt bldg in MA, what is commonly referred to as a 'triple-decker' out there. It is currently heated by and oil burning furnace. After some investigation, I have discovered a program that will lend property owners up to $25,000 at 0% over 7 years to convert to natural gas. Since I am currently paying for heat, I plan on installing individually metered natural gas heating units in each apartment. I have been quoted from $10-$13K for the work. Based on what I now spend for oil, it will be about a 30% return on my investment. Actually, it will be much higher if I qualify for the program since I won't be out of pocket for the work. I have several of these bldgs, but I want to experiment with one to see how it works out.

My questions; Does anyone have experience with this type of conversion? If so, are wall heaters in each unit the best option? I don't want to do baseboard heating because it takes up so much wall space and I'd really like to eliminate the use of a steam heating system. Any other issues I should think about? I thought about just converting the existing oil burning system to natural gas, but have yet to find someone who can tell me the savings I might realize and if it is worth it.

As always, thanks in advance!