Thinking about buying an old elementary school-turn into hostel

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Thinking about buying an old elementary school-turn into hostel

Aaron T.Pro Member
Developer 路 Aguada, PR 路 Member since 2014 路 927 posts 路 278 votes

I am looking at an elementary school that has been abandoned. I am thinking I can turn classrooms into several small pods or rooms like a hostel. put in a pool and some nice common areas to make it kind of a pod resort or hostel resort. 

I would be interested if anyone has seen anything like this or has thoughts of why its a bad idea, or things to think about as I day dream. 

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Lauren Kormylo
Rental Property Investor 路 Phoenix, AZ and Rehoboth Beach DE 路 Member since 2019 路 1k+ posts 路 1k+ votes
5y
I've stayed at this B & B, a former schoolhouse in Bisbee AZ.  Each of the rooms has a name, and decor is themed - the Principal's Office, the Reading Room, Arithmetic, History, etc.   https://www.hotels.com/ho61750...
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  • Louis Zameryka
    New York, NY 路 Member since 2020 路 105 posts 路 49 votes
    5y

    @Aaron T.

    I鈥檝e stayed in similar type conversions in Europe. Also their are college centric brands like Graduate and Study making this sort of thing work.

    You should consider speaking to a small hotel development company with a soft brand. They might have ideas for it beyond a hostel but not so hotel.

    Pod Hotels out of NYC

    Dream Hotel Group

    Sydell

    Are you in PR yourself or have someone you partner with there. This would be a big project if you want to get the best roi

    0Reply
  • Aaron T.Pro Member
    OP
    Developer 路 Aguada, PR 路 Member since 2014 路 927 posts 路 278 votes
    5y
    Originally posted by @Peter Tomeczko:

    @Aaron T.

    My wife and I stayed at a school converted into an air b&b. It was interesting, cool, weird and we would prob do it again. Each room got a skeleton key, breakfast delivered, separate bathrooms and vintage decor. The owner was very nice. Reach out to him. He might be able to give you some advice.

    https://www.davieschoolinn.com

    Best of luck!!

    Peter, this is awesome and exactly what I am looking for; to see and talk to others who have done it.  Thank you

    0Reply
  • Aaron T.Pro Member
    OP
    Developer 路 Aguada, PR 路 Member since 2014 路 927 posts 路 278 votes
    5y
    Originally posted by @Louis Zameryka:

    @Aaron T.

    I鈥檝e stayed in similar type conversions in Europe. Also their are college centric brands like Graduate and Study making this sort of thing work.

    You should consider speaking to a small hotel development company with a soft brand. They might have ideas for it beyond a hostel but not so hotel.

    Pod Hotels out of NYC

    Dream Hotel Group

    Sydell

    Are you in PR yourself or have someone you partner with there. This would be a big project if you want to get the best roi

    Louis, we are not currently living in PR, but have plans to move there next year.  We are not stuck on a hostel, but more looking at how we can possibly do Small multi units With locked doors per classroom And shared common areas. 

    Right now all this stemmed from running across the listing and posting on here to see if anyone had any ideas or reference points. 

    0Reply
  • Aaron T.Pro Member
    OP
    Developer 路 Aguada, PR 路 Member since 2014 路 927 posts 路 278 votes
    5y
    Originally posted by @Kent Leach:

    Aaron, not sure if Puero Rico gets access to Federal Tax Credits or not but I'm doing a LIHTC deal in Tennessee where we are converting an old furniture store to 42 units. My architect is converting a old high school into 38 units. People will live in it and the government may help you do it!

    Kent, I was also thinking about how the government would help. Especially if they hold the property, which I will find out. 

    i will connect with you to talk more about your project. I am sure you have a lot of reflections on what went well or things you did not think about. 

    If I can white board this project, essentially as far as I have gotten, it could have a draw to it, not only for the novelty, but a following for those that like feel of something between a hotel and hostel. 
     

    0Reply
  • Kat Hussey
    Investor 路 Sachse, TX 路 Member since 2020 路 63 posts 路 9 votes
    5y

    @Aaron T.

    As a consumer, I think it's a really cool idea and I would enjoy staying there once it's fixed up.

    As an investor, make sure to do all your due diligence. I have a feeling getting people to stay here will cost more in marketing than your average STR listing would.

    0Reply
  • Aaron T.Pro Member
    OP
    Developer 路 Aguada, PR 路 Member since 2014 路 927 posts 路 278 votes
    5y
    Originally posted by @Kat Hussey:

    @Aaron T.

    As a consumer, I think it's a really cool idea and I would enjoy staying there once it's fixed up.

    As an investor, make sure to do all your due diligence. I have a feeling getting people to stay here will cost more in marketing than your average STR listing would.

    Marketing is a function of any business. if your business draws people organically, then good. If not, then you should market and turn those into conversions. remember, any dollar spent that gets a dollar in return just made your marketing free. 

    2Reply
  • Steve Vaughan
    Rental Property Investor 路 East Wenatchee, WA 路 Member since 2014 路 10k+ posts 路 16k+ votes
    5y
    Originally posted by @Aaron T.:

    Covid won't last forever. once they realize its government controlled

    I stayed recently in this cool little place. its a like a hostel, but has closed and locked rooms. these are roughly 5x7 rooms with bunks. imagine putting 4-9 of these pods in each of those class rooms in the school. 

     I've wanted to repurpose old warehouses, office, retail or schoolhouse for a while.  The prison is a new one, but like what they did with it. 

    I like your vision.  Staying away from conspiracy theories will help your quest馃憤

    0Reply
  • Robert Schimming
    Rental Property Investor 路 San Clemente, CA 路 Member since 2017 路 10 posts 路 14 votes
    5y

    @Aaron T.

    Check out www.houseoftrestles.com

    It is a Boutique Hotel & Hostel in San Clemente, CA. A surfer town in Orange County. It sounds like the same clientele that you would be trying to attract.

    0Reply
  • Inessa Stysis
    Real Estate Agent 路 Los Angeles, CA 路 Member since 2019 路 49 posts 路 42 votes
    5y

    If designed and done well - this could be an amazing project!

    For the marketing aspect.. It looks pretty colorful already and if it were me, I would definitely build on the colorful, tropical vibe and create a lot of instagrammable moments throughout the space with murals, funky seating, beautiful bathrooms etc.

    I鈥檝e also seen content about projects very similar to this on TikTok, so building out a platform on there would be a great way to showcase your project/property to the masses.

    Now that Im thinking about it, my head is swimming with ideas, there鈥檚 tons of possibilities to market this out!

    0Reply
  • Robert EllisBusiness Member
    Developer 路 Miami, FL 路 Member since 2014 路 3k+ posts 路 1k+ votes
    5y

     Ah yes how could we forget that the government's controlling Covid-19. Did you mean the United States government, the EU, China, or The One World Government/New World Order (tin foil hat)

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  • John Negron
    Flipper/Rehabber 路 Orange County, CA 路 Member since 2019 路 17 posts 路 3 votes
    5y

    First of congratulations on thinking outside the box. I don't know the metrics on returns on hostels but I would imagine that doing your due diligence here would be the best approach. The location, expected acquisition price, renovation, and holding costs, average occupancy, and initial marketing and operational costs should drive your decision in my opinion. 

    0Reply
  • Stephen Stokes
    Rental Property Investor 路 Austin, TX 路 Member since 2016 路 317 posts 路 257 votes
    5y

    @Aaron T. Let鈥檚 connect! I am looking to get into a hostel investment as well.

    0Reply
  • George Munoz
    Real Estate Agent 路 Fort Lauderdale, FL 路 Member since 2018 路 360 posts 路 213 votes
    5y
    Originally posted by @Aaron T.:

    I am looking at an elementary school that has been abandoned. I am thinking I can turn classrooms into several small pods or rooms like a hostel. put in a pool and some nice common areas to make it kind of a pod resort or hostel resort. 

    I would be interested if anyone has seen anything like this or has thoughts of why its a bad idea, or things to think about as I day dream. 

    I like the Idea, SOunds interesting , cool and unique.. ( dont worry about the naysayers) the rebels and unique changed the world :) ..   things to consider,, check with the city and zoning and check is ok to treat it as a short term rental .  this will be like a cool airbnb type of deal or hotel . .. I guess that if you have the money and commitment ,, it could work..  just consider plan b/c and D :) just in case. ;)  Blessings

    0Reply
  • Michael Goldfuss
    Member since 2020 路 2 posts 路 0 votes
    5y

    Puerto Rico is a good place for a hostel in which town is it?

    0Reply
  • Michael Goldfuss
    Member since 2020 路 2 posts 路 0 votes
    5y

    Puerto Rico is a good place for a hostel in which town is it?

    0Reply
  • Alex Verdugo
    Tucson, AZ 路 Member since 2017 路 118 posts 路 40 votes
    5y

    I've noticed a bunch of empty schools around town and thought about how awesome it would be to own a school.  Good to know I'm not the only one thinking about how to best use these spaces.  One thought that I had was to convert the rooms into artist studio spaces.  Divide classrooms to fit more artist but at the same time having a lot of open areas for outside painting.  I'm interested in seeing how this turns out for you.  Good luck.

    0Reply
  • Marc RiceBusiness Member
    Real Estate Agent 路 Columbus Cleveland Dayton, OH 路 Member since 2018 路 2k+ posts 路 1k+ votes
    5y

    My friends dad bought a local school in Maryland and rented it out to a school for the blind, I think the school for the blind paid for the renovation costs to upgrade the building too. Now he has a great tenant and its running smoothly.

    [email protected]614-363-2787
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  • Michael BaumPro Member
    Olympia, WA 路 Member since 2016 路 8k+ posts 路 7k+ votes
    5y
    Originally posted by @Robert Ellis:

     Ah yes how could we forget that the government's controlling Covid-19. Did you mean the United States government, the EU, China, or The One World Government/New World Order (tin foil hat)

    I think that he meant that the narrative and response is govt controlled. Like how they are restricting our movements and creating policies that aren't really based in science. Not that COVID19 is a hoax or a govt plot. 

    0Reply
  • Caroline Gerardo
    Lender 路 Washington DC 路 Member since 2015 路 2k+ posts 路 2k+ votes
    5y

    Is the location near a National Park, or desirable hiking trails? Youth hostels rent VERY cheap and require lots of cleaning and trash pickup.  Who is going to maintain the pool? 

    0Reply
  • Matthew Perry
    Developer 路 Boston, MA 路 Member since 2017 路 125 posts 路 137 votes
    5y

    did something like this before, you are onto something. you have the right idea of starting with an elementary school in that you have a pretty decent baseline with which to work of and already naturally delineated space with the classrooms I am guessing. If it is in a surfer community in P.R you most definitely have something there, how far away is the closest resort/hotel? What is their going rate (inflate anywhere between 10-15% to factor in the A.O.C [AGE OF COVID])? What is the total square footage of the building and if you go by 5x7 what are you able to get out of it in terms of unit count? 

    0Reply
  • Chris Mcdonald
    Real Estate Agent 路 Arbutus, MD 路 Member since 2019 路 127 posts 路 59 votes
    5y

    @Aaron T.

    Some dope spots in Portland like that. You could even rent out some multi use rooms to small restaurants etc

    0Reply
  • Bonnie LowPro Member
    Lender 路 Asheville, NC 路 Member since 2016 路 1k+ posts 路 1k+ votes
    5y

    While your idea is way cooler, have you considered turning it into a senior housing community? Seniors who are still independent but want to live in a communal environment are a lucrative up and coming market.

    [email protected]
    0Reply
  • Ramon Morales
    Specialist 路 FL 路 Member since 2018 路 18 posts 路 19 votes
    5y

    @Aaron T.

    Genius!!

    0Reply
  • Aaron T.Pro Member
    OP
    Developer 路 Aguada, PR 路 Member since 2014 路 927 posts 路 278 votes
    5y
    Originally posted by @Robert Schimming:

    @Aaron T.

    Check out www.houseoftrestles.com

    ... is a Boutique Hotel & Hostel in San Clemente, CA. A surfer town in Orange County. It sounds like the same clientele that you would be trying to attract.

     thanks brother. that link to the house of trestles is awesome. I am book marking that if we decide this project is for us. I like the wall art and the whole vibe, which is what we were going for. 

    I will make this a side project and start running numbers on things, to see if we would even be in the ball park, but honestly just having something like this, would have a draw all of its own, due to how unique it is. 

    0Reply
  • Aaron T.Pro Member
    OP
    Developer 路 Aguada, PR 路 Member since 2014 路 927 posts 路 278 votes
    5y
    Originally posted by @Inessa Stysis:

    If designed and done well - this could be an amazing project!

    For the marketing aspect.. It looks pretty colorful already and if it were me, I would definitely build on the colorful, tropical vibe and create a lot of instagrammable moments throughout the space with murals, funky seating, beautiful bathrooms etc.

    I鈥檝e also seen content about projects very similar to this on TikTok, so building out a platform on there would be a great way to showcase your project/property to the masses.

    Now that Im thinking about it, my head is swimming with ideas, there鈥檚 tons of possibilities to market this out!

    I will keep in touch with you. we may be able to incorporate ideas you have. your excitement motivates us to look a little more at this project. 

    0Reply
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