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Going through the Matrix
I am going through the Matrix again. Have finished up to Contracts and Negotiations. Always learn something new. Helping Bryan with a few things. We found what I believe is an empty property in Orlando. It says hotel. I am tying to find out if it has kitchens in the rooms. It was listed on Loopnet but removed. The address is 4201 S Orange Blossom Trail Orlando FLorida. It has 68 units. I pulled up the tax record and it was last purchased in 1996 for a little over 1 million.
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1 Reply
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I’ve talked to a couple of people that have done conversions. One thing to keep in mind is that the permitting can be different from hotel to residential multifamily. So it can add to the rehab costs.
For instance I believe electrical panels have to be in each unit, which may not be the case for a hotel. The upgrades to electrical and plumbing infrastructure can be trick too.
I think the key is to make sure you can get the property plus the conversion at below replacement/build cost.
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