Has anyone ever done an old motel to apartment conversion? If so - share some details… =) How’d things turn out?
That would be a tough conversion. I assume the layout of an old motel having the majority of units as 1 bedroom/ main room with 1 bath and maybe a kitchenette. I wouldn’t attempt to convert the old motel I am envisioning to apartments. If the place is a single story I might consider turning it into a strip mall or something similar.
Now if every unit had multiple rooms, a full sized kitchen, etc. it wouldn’t be much of a construction conversion, just a matter of changing the paper work.
I bet you can get some nice 1/1’s or efficiencies out of a conversion. You won’t have a high-rent property, but you can sure have some nice [and far more passive] cashflow…
Hmm…I’m getting excited thinking about it.
I’ve done a little research in this area [note: this is not a new concept, and I’ve seen it done before] and actually previewed some old motels, and it would take some time and $$, but if you have both you can really making a killing. Hmmm.
On the low end you’d be looking at replacing the carpet & paint, and renting them out furnished or unfurnished. Quick & easy.
On the high end you MIGHT be looking at replacing the A/C & heating units, adding a wall to create a seperate room, adding new appliances, doing bathroom work, etc.
Most 1/1 units I’ve seen still have more than 1 room and a bath. Usually they have atleast a living room and a full sized kitchen. What did the motels do about kitchens? I’d be very interested to see some pictures if you have any.
my personal belief is that there is a market (in some places) for such a limited rental space as a “hotel room”.
one of my partnerships owns a vacant 100 room hotel in a semi-rural area on an interstate interchange. I have wondered if it would make a good monthly rental type of place.