Remove Steam Heat/Replace with HVAC in each unit?

Question

I would like to know your thoughts on the upside/downside/estimated cost of converting a brick two flat (one bath, three bedrooms each) in Ravenswood Gardens (60625) from steam heat to forced air with AC. The Units have a small pantry/storage room that could house the furnace. A/C would most likely go up on the roof. The Units are about 1200sq ft. each.

The building is plaster and lath construction, so I would definitely be looking at having to repair some if it when done where we had to run ductwork from the main feed into the individual rooms. I was thinking of exposed, circular ductwork attached to the ceilings to save money on soffits and give the work more of a loft feel. I am guessing I would have to add some circuits in the electrical panels. The units will have 9 ft. ceilings.

Or.....would it be cheaper to put the furnaces in the basement and run ductwork up through the walls (I can't see how that wouldn't be more difficult/expensive)?

I replaced separate basement located furnace/HVAC/water heaters units with in unit furnace/HVAC/water heaters in a two flat about ten years ago, but have no idea what it would cost in 2023.

Has anyone done this recently? If so, what was your experience? I am particularly interested in the price (I am really, really interested in the price).

Thanks.

Mario Morales · Answer

In one of my properties I had exposed ductwork, it was a bright red,  i was worried that I wouldn't be able to paint it to match the walls, but it did and I saved a lot of money by not trying to hide them. In my other building, I had the same issue with keeping steamed heat, I decided to go with central air and new furnaces, I got creative for the furnaces, as I had room in the hallways, AC went on roof. I had ductwork installed, all in it was 10K per unit, ductwork, furnace, condenser or, electrical, plumbing. Didn't include the soffits, drywall etc,. I get more money per rental and attracts higher quality tenants

Gerald Joyce · Answer

Thanks Mario. About how long ago did you have this done? Also, what part of the city was it? The reason I am asking what part is that a lot of contractors charge higher/lower prices for the same work in different neighborhoods.

f you had exposed ductwork, did that mean that there was already HVAC in the building and you just replaced it with new stuff? I need to remove the old steam, install all new ductwork, and two new furnaces/AC units. It's pretty much HVAC from scratch. I intend to repurpose a pantry in each apartment and put the furnaces and water heaters in there.