I am interested in buying this commercial building that has 3 - one bedroom apartments, 1 - two bedroom apartment and 1 shop (previously a bar).
I like to buy properties with utilities indivisibly metered. This property has separate electric meters, however one gas and one water meter.
Looking for some ideas / suggestions as to how much it will cost me to get the gas and water separately metered. I will be checking with the utility company soon to find out their cost.
This is an old, all brick, 2 story building, needs a major rehab.
Any suggestions would be appreciated.
Have fun with commercial ! Whole new world of inspections! Good Luck!
Thank you for heads up on this property being commercial.
Not sure about rules in your area but you may have to have an additional electrical meter for the common areas such as hallway and outside lighting in which you are on the hook for that bill.
I am going to monitor this topic b/c I had recent thoughts of doing this but on an apartment building.
I either saw a post or heard a podcast once that talked about putting in your own flow meters to each unit for water, rather than paying the water company to do it, was the way to go. This way you could take the readings yourself and charge the tenants for their usage, then you pay the main bill. They stated the cost was way less than paying the city to do it.
They are called sub meters from my online research while writing this. I found a couple of sources that discuss it as well as companies people have bought them from.
Google: separate water meters for apartments
DLJSJ75C from watermeters.com
As for the gas I am not sure but you may be able to have a contractor certified in gas put in sub meters for that too. Be good if you can get one contractor certified to do both.
Hey I also found this high tech company for developers that transmits the data from the meters to you!! Not sure how cheap it is but looks awesome and would be great for large multi unit owners!!! I think I will post this as a topic for everyone.
Thank you for responding.
I checked with the county officials and they said that I don't have to have a separate electric meter. I still have to figure out other costs though.
oh ok awesome @James Syed
Thank you for responding.
I am unable to find a contractor in this area who would install flow meters. I am also waiting for the utility company to get back to me about the possibility of separate meter cost.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.