5 Unit Redo - Need suggestions and things to consider

[Basu G.]

Hello -

We have contract on a 5 unit property which was advertised as 5 X 2BR/1BA. The 2nd BR is technically not a BR - as it doesn't have a closet. This one needs a complete demolition (other than the brick box) and redo. We are planning to convert this to a 4 unit 2 BR/ 2 BA units.

This would be our first undertaking of this size. What are typical internal demolition costs for a 3000 sq ft 2 story building? 

Also we are thinking to add additional floor space in the roof, if the structure allows for it.  Any suggestions for or against this idea?

thank you,

Basu