ELEVATOR QUESITON - Is is necessary if 3 story office building?
Just purchased a completely vacant 3 story, 23K sq foot retail/office building on the edge of a decent downtown area in a medium sized city.
We are going to rehab the whole thing but still undecided about an elevator. It is a 1900 building and never had an elevator. From the few companies I spoke with, they assume somewhere in the 150K range without seeing it.
I would hate to have business on the upper floors that cannot accommodate clients that canon use stairs but is a 150K+ expense worth the result?
Bought the building for 190K. Rehab without the elevator is somewhere between 300-400K. ARV somewhere around 1.4 million conservatively.