Located in Riverside just outside 5-points, is this 4192 sq/ft mixed use historic building.  The previous owner was using it as a medical office building but is zoned Commercial Residential Office giving the new owner multiple options.  The building will need an extensive rehab in order to restore it to its historic beauty.  We have a few options for the new owner to think about when deciding on options for future use.

First option would be to keep the bottom floor as a medical office and convert the second floor to two rental units.  The medical office should rent for around $23 per square foot.  The two-second floor units should rent for at least $1300 each.  The first floor is 2453 square feet giving you roughly about $4700 a month in potential monthly income along with the two-second floor units should bring in $7300 a month.  This option will require updating some exterior walls along with updating the interior as well of the office and finishing the second floor units.

Second option would be to convert the entire building into multifamily living space.  There is enough room to build out a total of 5–6 units depending on the layout you choose.  You could also convert the third floor attic to additional living space to add even more units.  This option would require additional costs of adding exterior stairs for emergency exits.  With strong rental comps in the area, this should bring in about $1200 per unit giving you a potential monthly income of $7200 a month or more depending on the number of units.

Third option is another mixed use.  With this option, you can either keep the first floor as commercial or change it to residential but turn the building into short term rentals.  This option will incur extra costs of furnishing the building but the interior and exterior updates will remain the same.  With average nightly rentals for 1/1 at $100 a night and 2/1 averaging $125 a night, a 4-unit building could bring in $500 a night.  With only 70% occupancy this will bring in an average of $10,000 a month.

Homes in this area with multiple options tend to move quickly.  Call your EquityPro Advisor today for more info.