Real Estate Broker · Walnut Creek, CA · Member since 2014 · 105 posts · 58 votes
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.
it really depends on the work required to convert, and for that you need to know what code updates, etc. the city of oakland requires. An oakland RE developer would have an better handle on that.
I can tell you that if this was in SF you'd have plenty of interested prospects. Oakland? Perhaps in DT or near Emeryville it's a financially viable play
RU looking into this as a possible personal project? Or more as info for you as a realtor to list/sell this project?
@Amit M. Were looking at taking this deal down ourselves as I'm a partner in a real estate LLC and an agent.
What kind of ballpark numbers are you seeing for this type of work in sf? Subject property is fairly open concept but of course plumbing, electrical, utilities, demising walls and windows will need to be installed and upgraded.