Commercial Condo Conversion Service
Commercial Condo Conversion
Have you thought about converting your property for Commercial Condo use? By converting a single commercial property into multiple units, the property owner has an array of solutions and options available to them while staying in control of the property. With tightened financial markets, leveraging the property into less “sizable” parcels can be an advantage to buyers, sellers and developers. Selling single units can yield 10%-50% more than selling one property in its entirety.
Additional advantages for converting your single commercial property into multiple units include:
• Stimulating cash flow
• Avoiding foreclosure
• Reducing overall outstanding debt
• Removing underperforming spaces/buildings from the portfolio
• Reducing maintenance costs
• Tax and estate planning
What is the Process for Converting?
Below are the basic steps for a standard commercial condominium conversion process, which takes, on average, between two to eight months to complete. We always suggest working with professionals that have vast experience in this type of asset class.
• Check with the city or township Planning Department on zoning restrictions. Run the numbers, check tax laws and perform a marketing analysis.
• Does this conversion make sense? If yes, start the pre-sales and conversion process simultaneously.
• Assemble your team: broker, surveyor, attorney and architects.
• The condominium survey map and plans are completed.
• Prepare a set of HOA bylaws, rules and regulations and the declaration documents.
• The complete set of documents and condo map are submitted to the county assessor’s office. Each unit is assigned its own tax parcel I.D.
• Final recording of the declaration and survey completes the process and creates the individual units.
Before starting any condominium conversion, we recommend you allow us or one of our many network members to provide you with a FREE market analysis and pre-conversion marketing strategy.