Commercial to Multifamily Conversion in the Bay Area, California

[William Yeh]

Hey BP,

I'm a realtor and real estate investor based out of the Bay Area, California and I'm looking at a potential commercial to residential conversion play. The subject property has 5 stories including a basement and mezzanine level. Residential is an option for anything above the ground floor. The building has a fairly open floor plan but it is an older building (1920s build).

Does anyone out there have any experience in doing such conversions in the Bay Area? If so what would be a conservative hard/soft cost assumption per sq ft?

I'm trying to put together a pro forma and have a good handle on the marketability of the finished product but the only development experience my group has is residential remodeling and light industrial buildouts.

Many thanks in advance.