Exterior Facelift To Old Brick Building
There is an old school in my area that was converted to apartments about 10 years ago. The building was sold about a year ago to a guy that needs despartly out.
Basically the building has a brick exterior. It has a negative image in the community (because of the quality of tenant) and really needs a facelift. The better image will make people notice it and help me bring in better tenants. What would you do? I'm thinking that it wouldn't be too hard to put vynal siding over the brick ($$$). Maybe even go as simple as painting the brick... I'm not sure how that would look but right now i'm just throwing ideas around. Any thoughts??
The building does cashflow great with a cap rate of 13.5 but I think it has the potential to cap rate at 22% with not much work!
First of all, I just hate the idea of covering up a nice pretty brick. However, I painted over the brick of my first primary because it was an awful pinky - grey ... just a weird color. The builder must have gotten a deal on some factory-second brick, I don't know. Looked a lot better beige. Anyway, if you can paint it, rather than put vinyl on it, you could save a lot of money and maybe get the same results you are looking for. I completely understand your idea of changing the local perception. Hmmm.... But, since this is an old schoolhouse, I am assuming it is either a sfr or a storefront (?). If it's an sfr, then it's probably worthwhile just to paint it, because it's small. If it's a big old polebarn church, maybe you want to do something else. More info? Z
It was converted to 18 units ranging from 3br to 1br.
Zach you must be the only one else up at 3am that can't sleep because your mind is filled with real estate thoughts :-o [ Edited by myfrogger on Date 04/12/2004 ]
It's 4:15AM here.
The brick can be sand blasted or acid washed.
The brick is not in poor condition really...it just needs a purely cosmetic facelift.
Yeah, that's right. Well, that must be one big church you're talking about. In that case, I'd still recommend a paint job, but without seeing the building itself, it could go either way. I'm trying to imagine an old church converted, but all that comes to mind is one of two church type configuratons - a rounded top, turned into a bowling alley church, and an old schoolhouse looking church that is big enough for about one small family. My limited experience is my downfall. If you can fit that many units into it, it must be pretty big. All the more reason to paint instead of using vinyl siding. I know of an apartment building turned condo complex that is several hundred units, and after painting, looked totally different. It attracted a lot of new buyers. I have to say say that it is a case by case situation, and anyone reading this would need to know exactly what the building looked like and what the neighborhood looked like to give a real opinion of what you might want to do. War zone at all?? Lots of churches in the war zone. Without knowing your area, it's hard to say one way or another.
As far as the situation with your parents, maybe I'm confused - I thought you had a situaton a while back but I must be mixed up about that. As much as I'd like to say more, I just can't unless I can really visualize the property, neighborhood, etc. From one loose cannon to another, I send good luck. Z