Advise Please: Mixed use property with duplex conversion and commercial building
Hey guys, I have recently (January) purchased two properties in a
package deal from a retiring investor. The first of which I have
completely rehabbed and it will be on the market as a long term rental
next week. The other one of them is a really unique property that has a
1925 sqft Mill home (built in 1920) which has a butlers quarters so,
the house is already virtually divided with two kitchens and two
separate living quarters. The space is ideal for a duplex with 2 BR / 1BA on one
side and a 1BR / 1BA on the other (has a huge elaborate kitchen space). In addition, to the house the
property also has a 820 sqft commercial space (old general store). The
city has given me the go ahead to convert the property from a SFH to a
duplex so, that is the direction I am taking with the rehab but, the
nuance is that the commercial space has to be used as a commercial space
along side the duplex unless I wanted to have it rezoned. This property
is zoned as (mixed use) so I can have the duplex and the commercial
store on the same land lot. I feel like the commercial space could
definitely be beneficial to the value in the future. The bonus is
that the city just received a 13 million dollar grant put in a senior
living housing community, and community garden right behind the property
so, I hope that drives up the value. The property is located in central Georgia about
60 miles south of Atlanta and 50 miles north of Macon to give you a better idea of location.
I am hoping to get a fresh
set of eyes and Ideas to be sure I am not overlooking crucial elements
of this unique property rehab. I look forward to hearing ideas and
gaining insight from you all. This is only my 2nd property so I want to
be sure I'm not overlooking things that might negatively impact me
later. I hoped that one of you might have had a similar experience.
I look forward to hearing your shared experiences.
Peace and Blessings,
Shane
Most Popular Reply
Shane - I'd drive around that town and call every commercial leasing broker to get their opinion on highest and best use. Also, find a local REIA meeting and network with local investors to do the same. Everyone is generally pretty happy to help