Updated about 4 years ago on . Most recent reply
🏨 Motel to Apartment Conversion
Can anyone share their thoughts on motel/hotel to apartment conversions? I toured a vacant motel yesterday in Indiana and think this could be a decent opportunity.
All of the units have been upgraded, new parking lot, and will have a new roof. Seems like all of the heavy lifting has been done by the owner.
The best part is that it’s located in an A- area and is an eye sore right now. Really high traffic area and near a lot of new construction.
We are going to get feedback from our PM on how much demand there is for studio units in the area. Any thoughts?
I found this deal by simply driving by and stopping to talk directly to the owner 👍
Most Popular Reply
Justin, one of my clients has done this successfully and was interviewed on CNBC about it. YOU can see it here:
https://www.cnbc.com/2021/02/0...
His name is David Peters and is in the Minnesota area. You should reach out to him. Great guy and incredibly knowledgeable.