Group assist/feedback · Commercial Real Estate 101

8d ago (edited) in Banter

Group assist/feedback

Hi All. I have a commercial building (purchased in 2020) with a salon as the sole business. The salon is owned and operated by my wife but she no longer want to run the business and we are looking to convert the building to salon suites. The architect says we can convert to 8 suites and the idea is to lease the suites to beauty industry services e.g. massage, mani/pedi, hair, etc. The challenge is finding funding for the construction etimated at about 150k. If we can't convert to suites my wife wants to sell the building. I am opposed to selling and want to at least continue to try finding funding for the next month or 2. My other idea is to lease to another professional. I would like the groups feedback and/or ideas to make this work. Feel free to ask clarifying questions.

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