How do I repurpose a building?
Hi all!
So I am looking to try my hand at doing a full rehab/repurpose of large empty buildings into multifamily apartments. In my area there are a few very well placed old industrial buildings, gorgeous old, multistory brick and stone buildings around 30,000 sq feet that, based upon their location and what I know of the demand in the area, would do very well as multifamily properties but will require full gut jobs. Achieving this is way over my head currently so I want to get your advice on how to make it happen. I would love to hear from some people that have experience in this kind of thing so that I can pick their brains a bit.
The steps I can think of are:
1) Contact county/city zoning planning to ensure zoning is right for multifam and/or what do I need to have it done as well as what are the requirements, e.g. X number of parking spaces, X amount of space for emergency vehicles etc
2) Get multiple bids and walkthroughs by architecture/engineering firms to get a few plans made up
3) Get multiple bids by General Contractors to see how to execute agreed upon plan
4) Use GC and architecture bids to secure financing
5) Execute
I know I am missing a lot of the specifics, but for now I am curious as to how to just do some napkin planning, so say I am looking at that 30,000 sq ft building, how many units would that fit? What is the typical build out cost per sq foot?
So many questions but where to begin? Anything would help! Thank you.