Looking to turn a duplex into a triplex in Minn. MN Help

[Corey Jacques]

Hello All, I am closing on a duplex in N. Minneapolis and I would like to turn the basement into a 3 unit. This is my first oppurtunity to tackle such a task. Once I close on the multifamily I want to start the process. This is fully rented good cashflow. I heard that N. MN is welcoming the opportunity for these kind of builds, but I don't know what I need to get started. Any recommendations would be helpful. I am looking to spend around 25-30k on this addition is this a realistic number?

[Bruce Runn]

@Corey Jacques

I’ve converted a duplex to a triplex before-difficult but not impossible especially with the changes that will occur with the 2040 comp plan where you will be able to do it with out zoning changes/neighborhood -approval.  You’ll need a general contractor and understand of building code since you are turning this from a residential 1-2 family building into a commercial 3 plus unit building- do you have 8’ headroom throughout the basement as an example, do you know to do fire and sound proofing ceiling assemblies for the new unit and common stairwell areas, do you have 1 hour fire rated doors in any common stairwell built into your budget, how many egress windows have you budgeted, what about plumbing, heating and electrical as they all have meet code requirements?  Your estimate is WAY low- i’m Doing this at another property and my budget is $80,000 -$100,000.  Not trying to dampen your spirit but just point out some basic considerations.