All Forum Posts by: Sam B.

@Mike Menard

Thanks! Yup office space right now is so out of favor and cheap. Storage and multifamily are in high demand. It makes sense but I’m a numbers guy and trying to get a rough estimate before spending on legal fees and architects

Hi all,

I have a 4500 sq foot office building that is completely vacant and in need of renovation. Rather than renovating I was thinking of converting them to apartments. Has anyone done this before? If so what do you think the cost would be to do something like this?

How many apartments can I fit in 4500 sq ft?

The property is in a blue collar,densely populated area with very strong apartment demand.

@Kal Seirafi

Agree with what people are saying here, but since you have a completely vacant building I wouldn’t go cheap on it as the agent is the only thing between you and getting revenue. Hire the best and pay them what they want. It’s an increasingly difficult time to find tenants

@Michael Le

Any services you recommend?

@Alex F.

Make a cash offer. And on due diligence, make it short, so maybe 20-30 days.

I’ve done a 21 day diligence on a property before for a commercial building. It was really tiring, and you have to have your ducks in a row, but I think I got a good enough discount on the property in exchange.

@Alex F.

Banks want certainty of closing and is willing to forgo some price in exchange. Offer aggressive diligence period and if you can, no financing contingency.

@Jonathan Jewell

Hi Jonathan. I do retail and live close to Bensalem. Happy to discuss via pvt message or give my thoughts on whatever property you’re looking at.

@Bennett Schwartz

Agree with all on Delaware county, I just bought over there. Also I have found Germantown to be interesting as well. One strategy could be to buy mixed use, as they are higher return with a little retail but most rev coming from apts

@Michael Standish

Sounds like an interesting deal, where are you located? The seller is looking for $28 a sq foot and you have the uplift to NOI if you rent out the final unit.

I too would be concerned with the short duration of the tenants in there, but you could just ask for a lower price to compensate for that. When you go into due diligence you would want to do tenant interviews to see if all of them plan on staying longer term or are having issues.

@Julius Swolsky

Realize that scale means going multi unit and commercial. Sfh is only for beginners