Anyone with experience with converting a two story motel to an apartment? Any tips would be helpful especially with fire code.
@Antonio Davis yes I have done several of these. Do you own the property? There is a lot to consider and depending on the setup it can be very expensive or minimal cost.
We have it under contract and are looking into our exit strategy. It’s a great flip or hold as well. We are possibly just going to wholesale it. I would appreciate any information or help with this.
Check with local zoning departments as they don't always allow a conversion in certain areas or on certain properties (depending how zoned). I lightly tried once and zoning refused, so ran the property as is and then sold it shortly after. City said they would "allow" me to tear down and build NEW apartments.....I laughed.
Consider this a complete gut job and you will need to hire an architect for drawings etc. This could be messy for electrical and water metering if you want to do individual metering.
@Antonio Davis that sounds like a lot of work from a construction perspective but also from a reputation point of view. Do you think you can attract the residents you want?
This is 1.4 miles to Augusta Nationals for the Masters. Avg rent is 815. Letter from zoning stating the conversion is ok. I’ve actually done property management in the area for 8 years and quality tenants wouldn’t be a concern.
Where is this Antonio? Is this Masters Inn by Wild Wing?
I was actually just hired to help with a feasibility study for same thing. In about 2-3 months I could probably help a lot more.
In regards to fire codes you’ll need 1 hr rated separation between units, and possibly sprinklers depending on the local code.
My other big concern for this type of project is do we need to provide accessibility for the first floor units? My initial read is that will be required but again it may depend on local codes.
@Antonio Davis that sounds good and you know the market well.