Updated over 5 years ago on . Most recent reply
Considering a multi use build in downtown Birmingham
We are considering buying a 9800 square-foot two-story building in downtown Birmingham. The bottom level to house our business. It is the only building left available in this specific district. The building is structurally sound. The upper level to build out as apartments probably 4, absorb the expenses, and be income producing. Estimating the build out is going to be around $125 per square foot. I want to understand better how to leverage the upfront cost of doing this. Meaning the the loan for the down payment and I’m not really familiar with construction loans. The purchase price of the building is $670k.
The apartment rent is between $1500-1700. So looking for thoughts on how to best do this.