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Commercial deal with 2 apartments. Estimating cost
Looking into a commercial property that has a retail business on the bottom floor, with second and third floors that are storage now, but could be turned into luxury apartments. It's a really old historic building, in a great part of a thriving city. Just talked with the guy who is running the business on the first floor, and briefly walked the building (going back again on Monday with a realtor). The second and third floor don't have heating or AC run to them yet, so that would be a rather large expense, and I have no idea where to really begin with estimating that kind of cost? The building seems to be at a really great price, but wondering if I just don't have enough upfront capital to add the heating/AC to the two floors, as well as renovation to turn them into apartments (the two floors would need quite a face-lift to get them into shape). Anyone have some advice/experience with something like this? Thanks!