I was wondering if it's possible to add seperate meters to a one meter multifamily? If so what was your rough cost per meter added?
You mean water or electric?
You can call the city and ask them how much to add a meter. Last time I made an inquiry to the City of Fort Lauderdale an additional water meter was $400. In my case it was to add a meter for irrigation so as to avoid paying sewer for it.
If you have a multifamily building with one meter, the real cost is not the cost to add a meter, but the cost to break up the consumptions. If you have a four unit building and there are already five individual shutoffs to each unit it is doable, if there is only one main shutoff outside the building and one line goes inside and service everyone, it would be cost prohibitive.
@Wendy Vaidic They talked about breaking the cost for water, sewer, and garbage apart in the podcast #60 with Serge Shukhat. It was called a ?rub? system. A third party company bills for them. You are still paying the city and being reimbursed by the third party. They have a submeter at a shutoff in front of the building. In this instance there was an extra $5 or so being billed to the tenant and he (the property owner) didn't have the upfront cost to build it out.
You may want to also look into this option.
@Wendy Vaidic yes it is possible. A lot depends on how your system is set up. I have 2 very old buildings I have been trying to get the electric meters split up on, but due to the age of the system it will be costly. It is so much work I cannot get a local contractor to give me a bid. I think they believe the cost will be so high I won't do the work and they will have wasted their time.
Hi @Wendy Vaidic , I'm helping one of my clients separately meter electricity in a 2-family conversion. The original structure was a single family with a garage and 2-level addition. The add on has a separate breaker panel but the garage is considered common area. So garage lights, garage door motors and smoke detector system for the whole building will be added to a house meter, and another meter is being installed for the add on. We're paying $2100 for the whole job.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.