Adding units in a multi-family

[Haley M.]

Hi everyone - I have a question regarding adding additional units to a multifamily building in the Boston area. I've seen a few properties that are massive (like 4,000-5,000 sq feet) that are currently either 2- or 3- family homes. I think the better use of the space, and obviously better cash flow, would come from adding an additional unit to these properties to bring them up to a 3- or 4- family home. Assuming I can get the zoning & required permits no problem, does anyone have any idea what costs for something like this would be? Including separating out the heat/elec, adding a kitchen & bathroom and other construction. Would 50K per unit be in the ballpark or is that way off? Has anyone in Boston done something like this?