All Forum Posts by: Renee Thorpe
Renee Thorpe has started 1 posts and replied 3 times.
Post: Reviving Older Commercial Property
- Tucson, az
- Posts 3
- Votes 0
OK, thank you for the input. I hope it's getting the readership it deserves. I'm kind of after some specific advice, though.
Because of Biggerpockets' extensive sign-in survey, I really expected that I'd be slotted into an Arizona (or even Pima County) RE forum. Clearly, I'm lumped into a nationwide forum.
I'd set out to hear from other landlords and property developers in Pima County who, let's say in the last 20 years, converted a commercial property to residential or live/work. From the county website, it looks so easy with the right zoning. But investment-wise, I am not sure if I'm willing to plunk down the capital for even just one of the units.
If anyone's done this conversion in another state, I would still like to hear from you, because there will be parallels in most markets. Thanks so much.
Post: Reviving Older Commercial Property
- Tucson, az
- Posts 3
- Votes 0
Ok, so you agree that these units don't measure up to what dentist and doctors want today. Yet you suggest I stay commercial.
Over the years, I have not been renting exclusively to medical and dental people (although they are in the majority) and I just market straight commercial.
I really want to understand your suggestion of "seeing who's renting these places." Are you saying, call landlords' agents and see who closed on similar properties? I already contract with a manager/agent. Maybe I should consider other brokers? Interesting thought.
Over the years, I have not been renting exclusively to medical and dental people (although they are in the majority) and I just market straight commercial.
Thanks for the point that residential can be more work for me, but with a management company already in place, they take the tenant calls and there's no difference in their fee. I am deriving no cash flow right now.
I am looking at the long term value of this property, and if I can't fill it with commercial tenants, I really have to consider residential and I am open to answers and tips from anyone who's converted a property from commercial to live/work.
Frank, thank you, though, and I will take up your suggestion to call realtors about marketing this place correctly.
Post: Reviving Older Commercial Property
- Tucson, az
- Posts 3
- Votes 0
I own a three unit Medical/Dental building built in the early 1970's. It's actually in great structural shape, and it's up to date on medical office codes and special needs accessibility. Last tenant in one unit took out all the walls between treatment suites (with my permission), but the other two units show fine for medical. Two units have 3/4 bathrooms adjacent to back office space in addition to the handicapped WC. In Tucson it's just not as snazzy as the newer offices and I can't get tenants. I'm not personally in dire straits, but I would like ideas on how to manage this property towards full occupancy and a sell, without sacrifice, that is. The 3500 square feet are on a massive corner lot, so there's lots of parking, and the zoning is great at 0-3, so it is actually now okay to be residential multi family or even live-work spaces. It's too far from downtown to get in on the loft neighborhood culture, but these could be casitas. I just don't know if it's worth investing in the conversions to residential & live/work. This is in the Alvernon-Broadway area. Any ideas (backed up with figures) welcome. Thanks.