I have a unique opportunity to purchase a 4-unit property With VERY large units (1450 SF each). the market rent for an 750-850 SF 2 BR is ~ $800/mo whereas these units only fetch $950/mo (law of diminishing returns). My question is - had anyone ever converted a 4 unit into an 8 unit? Essentially cutting the units in half and keeping the common hallway where it is.
Costs? Ballpark? Any insight or info?
Check with the city zoning department to see what the regulations are for the area as that might hinder all plans in an of itself.
Even if an 8 plex would be allowed, many zoning departments have requirements for parking and how many units you can have in comparison with the lot size.
I have a single family home located on a lot that was rezoned for up to a 4 plex but I can't really do anything with it. The problem is that there is no way to make it work as I would need to tear it down and meet the zoning setbacks which is not possible unless I was able to get 4 units into a smaller footprint than the single family home or do it withing the current structure.
totally valid - would definitely need to chat with the zoning board - and have a lot to consider. Thanks for your response!
If they are all 2 bedrooms, can yo make them 3 bedrooms?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.