What Should I do With This Office Building? 1 unit, 2, or Apartments? 

I did not add the math in the video but here is some of it. If I were to convert it to apartments it could bring in $6,400 upstairs which could make it worth $900,000. If I finished the basement into 2 more units that could bring in another $3,200 making it worth $1.3 million. That would take a lot of cash. If it was left as offices I could rent it for $4,400 or so making it worth $660k. You could also rent office up and finish apartments down which might bring in $7,600 making it worth around one million but that would take some cash. The easiest units to rent would be residential and the easiest to sell residential as well. The easiest thing of all is to sell as is and let someone else do this but there is a lot of reward for the work to be done here. Here is the video when I first bought the place. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-e4f1VOHcgEw.html

From working in offices for many years I would nix the shared kitchen idea LOL! I am looking forward to see what you decide. It's a nice looking property.

Turn it into one of those shared workspace places! 💰

I completely forgot about this place. Interesting place. Funny, nobody said to add a laundromat. 😂But really, the spot in the basement where the doctor intended on living there but never finished it, I'd definitely make THAT an apartment. Even if you don't do anything else to the building.

Depending on what direction you went do you have to factor in purchasing extra water shares?If you divide the basement additionally make sure you can enter the HVAC area without going into a rented out business or apartment.You could have a few non profit tenants for the tax credits too.

Liked the building since you first showed it to us. The reason it is languishing is it too much work/money for a new buy commercial. Shared workspace is the most bang for the buck. Apartment in the daylight basement is a great idea. Have your guys trim back those trees. You want it to look smart and busy, not sleepy and lazy! Just my opinions, of course. Love your videos❣️

There’s a place like this where I live.. it’s efficiency units with shared kitchen / laundry. They rent all inclusive for $800 a month. One tenant lives there free in exchange for cleaning / maintenance.

Many office buildings are being converted to apartments because there is not as much demand for offices (work from home instead). I like the idea of maybe having start up type offices where you just rent a room. The basement is set up for a document storage facility. Maybe you or someone would be interested in storing documents for a monthly fee for other businesses.

Place in my area uses a building like that and rents out the sepetate office space. Shares the common areas. Very rarely see any openings. Includes internet and phone with a phone system to transfer calls and vm.

What a cool building! I like the idea of apartments.

Happy Monday! 🤗 Decisions, decisions... that I'm glad I don't hv to make. 😔 God speed...🙏🏽

Rock on, Mark...great video.......SELL, as is..........ASAP...............those undefined, mixed use properties, however charming...........become perpetual and expensive problems.....WALK......

Make it a laundromat and a car wash? :)

the executive office idea is great. NO idea on what the demand is in your area.

I believe that I would rent it as offices. You could rent the lower portion as storage but you run the risk of the renter moving in and running a car repair business.

Always thought how to do a conversion of a office building or school to senior apts

Rent the top office spaces while working on making the basement into apartments! Best of both worlds!

I think it’s easier to rent residential than commercial and large nice residential apartments are hard to find. I think increasing the value of the property is a big part of your business so to me it seems like putting up the cash to do that would be no-brainer as the property is in good shape already and a few kitchens isn’t going to break your bank. You’re not in this for the short term. The executive spaces would probably be easier to rent than proper commercial spaces but the day to day upkeep might not be desirable. if the *lawyer* rented the entire space and then sublet out the smaller offices , then he could be the guy making the money from the executive offices plus he would already have the staff there to take care of the daily maintenance and upkeep and overlooking the whole thing. Would have the place all rented out without the hassle and just one tenant . Might want to mention that to him . Just athought.

This has always been a favorite of mine. I love the 1960's retro exterior look. I still think that basement would make the coolest apartment with the private courtyard. I would seriously consider dividing the upstairs into at least two office spaces, especially since you have two entrances, and the basement into a fantastic apartment. I wonder if a private school might be interested in the upstairs. Lots of small classrooms with common areas for large group sessions and the downstairs apartment(s) for the head master/mistress or owner.

if it's close to a college/university this would be great off campus apartments.

Leave commerical space has commerical or offices forget the renovations its a large headache . your better to lease it has a salon or some sort of small company .

You haven’t talked about water taps lately, so how many does a building like this have?? You could probably do 4 Apartments on the main level if you got creative. Maybe 2 in the basement.

Apartments... 😊

How do you advertise your buildings? I’m sure there are ways to get tenants aiming ads toward businesses. In the UK it’s common for homes to rent individual bedrooms and everyone share common area. Do dorm like rooms using the seven offices with a common area in the center. Two offices make more sense.

You once said you wanted to move your office. You could move into this office building and rent out your current office.

OFFICES Rent to professionals who will pay the rent and work to make or keep their businesses successful. No renters who will not leave and not pay rent and create an unstable situation.

Apartments would be a waste of time. Rent the front and back out. or turn the back unit into a shared workspace. you could use that big office as a conference room and put a few walls up in the middle open area to add a few more offices. Turn the basement into 2 small or one big apartment.

What is the commercial/office vacancy rate in town? Is the need for residential greater? It looks very tempting to transform this into 6-8 residential units.

I would say turn it in to all apartments and put the laundry down in with the furnaces if possible.

Im positive you will make the wisest decision...as usual 😉

I would never rent to a lawyer…..also… totally forgot you even owned this place!

This is quality content!

Is this in a large community or medium size one? I ask because you could rent this as a multi-specialty/subspecialty clinic to a hospital system. They often rent space and then bring in their specialty providers for towns that don't have them so patients can see them locally.

It's huge, would you be forced to buy another water share if you convert it?

What kind of neighborhood is this in? Commercial or residential? It really is set up for a doctor's office.

What about zoning if you convert to apartments?

Mr I own 2 Laundromats doesn't have a quarter? 😂😂😂

Your certainly not a leech you kept the small laundromat going even though it wasn’t making enough profit so giving a service to people someone has to correct property problems and you do a service to people who are not able to get out of problems they put themselves into giving them an escape nobody lives for nothing so you are doing the right thing as jerramy from what The Hale’s says on his channel

I think you should convert the whole place into a HUGE laundromat, car wash, and also a convience store! Think how much fun you could have counting quarters and how many interesting videos you could put on RU-vid! 😁 Seriously, I think your best bet is to convert to apartments if there is a need in the area.

Rent out for wedding, birthday and baby shower spaces

Absolutely never rent to a lawyer. You will lose your property you will lose your business. You will lose your life. You will lose your wife. A lawyer wants to rent a property from you. He has other things in mind. A lawyer would buy a property. Don’t ever rent to a lawyer or a family member of a lawyer. don’t even let your kids hang out with people whose parents are lawyers. It’s just something you don’t do. You can protect your money from the government, but you cannot protect your money from a lawyer.

My initial thought was offices require less renovation and residential properties carry a lot more headaches and more frequent turnovers. Offices more stable income

Your state would force you to make the Low-Income units, Buy more water, and pave the street out front. :)

A lot of ideals spinning around in your head. Hard to tell what is best for the building.

Apts need common laundry space in the basement.