Re: Purchasing an old school building, good idea? - Posted by Paul Ness, MAI
Posted by Paul Ness, MAI on June 27, 2003 at 07:46:16:
First, get it appraised and have a building inspection done. There may be more repair costs lurking. I wouldn’t buy it without some kind of commitment from the city that they would open a center there. Always best to have tenants lined up before you buy, especially with this white elephant.
I have seen many old schools purchased as investments and either converted to an alternative use or rented as is. Most of the ones I have seen have not been that successful. I think the prevailing problem with the ones I’m familiar with is their less-than-favorable location for commercial use. I have seen them converted to office/retail, apartments, church use and even office condos. However, as with most such investments, you will make your money when you buy this one and need to “steal” it, IMHO. I’m curious as to the total square footage.
Trade? I doubt if the city is interested in getting rental properties. About the only thing I can think that might appeal to them is for you to convert to low-income housing - in which case you might line up government assistance with financing and renovation costs. Another thought is maybe they’d give you a break on the price if you offered to lease a portion of it to them for use as a center at below-market rents. I would think they’d want the gym though.