I have found an 8-plex that has been vacant for around 10 years. My partner and I are getting numbers together for a potential offer and have come to a stand still. Here is the problem.
All meters are pulled and the city has told me that the building has to be brought completely up to code and have a fire suppression system installed. I have called around for potential pricing on these things and it seems to be like finding needles in a haystack. Could anyone point me in the right direction as far as code enforcement and pricing goes and fire suppression system pricing?? Also, I'm wondering if anyone knows a commercial window guy that I could get a quote from, that would be awesome as well. Thanks as always.
USE EXTREME CAUTION! Updating codes can literally kill your cash. I purchased an 8-plex in Yukon in February. I thought it was a great deal. I have now spent over $200K in bringing it up to code and am not done yet. It seems the code wall just keeps getting higher and the line tends to be moving constantly. I could have built these new cheaper than what I have in them now.
These units you are looking at?? There is a reason they have been vacant so long. Seems nobody wants to touch them.
Just my 2 cents worth.
All cities are difficult, but if these are located in Guthrie be prepared for additional hoops.
seems strange they would require that are you doing a full renovation on it then? is it occupied or vacant? have you went downtown to visit with the permit office?
They are vacant and have been for 10+ years and need a lot of work.
I spoke with the permit office and they said that the building would have to be brought completely up to code. Between the city and other investors and quotes I have been getting for fixing all the code issues and the fire suppression system, it kills the deal.
Just wanted to see if anyone else has bumped into this issue and had anyone they new I could chat with about it in detail before pulling the plug.
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