Has anyone converted residential property to commercial

Original post

Does anyone have any experience converting a residential property into a commercial one?

What are the steps? Pros & cons? How long does it usually take?

Have thoughts about converting a 2 story 4 family building into a commercial with retail space on the first floor and 2 offices on the second.

Thank you in advance.

Reply by Tommy Parker

It's ambitious but can be done! Check zoning laws. There are different guidelines/rules to commercial properties, which can be a con. It can also be time-consuming. The other thing to watch out for is financing. The pros are that you'll get longer leases and more money in your pockets, potentially because of that.

Make a rough budget draft to see what the finances would look like! Do you have a reason for converting?

Reply by Mose Gebremeskel

Yeah, I would also look into commercial realtors groups or associations you can join to get more info from people who do this every day.

Reply by Tommy Parker

I'm in NC...they have one down here

Reply by Andre Davis

Consider reaching out to a local CRE broker as a starting point. You'll have to get a zoning exception from your local Zoning department, depending on where you are located in the country. This process can be straightforward in some areas, while in others, it may become quite complicated and expensive.

Reply by Dawn Wolkenfeld

Don't forget to check into see if there will be an increase in the property taxes. Some counties hike up the property taxes when converting from residential to commercial.