I am trying to convert an old 2 story, 12,000 square foot mechanic shop into luxury apartments in the heart of the South Side in Pittsburgh. This property sits on the corner of East Carson Street and South 25th, which is adjacent to many shops, restaurants, and bars. I also wish to build a third story on this building. College students and young professionals typically live in this area, and is highly sought after by renters. Realistically, this old shop has the potential to become a 20-30 unit apartment building. Each unit will easily rent for $1,500-$2,000 per month depending on the size and type. Overall, this project has the potential to bring in $500,000 in annual cash flows. Due to the high demand for rentals in this area, I believe that I will have no trouble finding tenants and maintaining at least 90% capacity in this apartment. I would be extremely grateful for any help I may receive for this project.
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