Unveiling Conversion Opportunities in Edgewater

In today's analysis, we explore the potential for transforming office spaces into residential units in Edgewater, a neighborhood distinguished by its robust economic indicators such as population growth, increasing median rent, and rising property ownership.

Identifying Prime Properties for Conversion

Our investigation highlights nine properties within Edgewater, identified as prime candidates for conversion. These buildings, mainly Class B or C office structures, offer floor areas suitable for developing the number of living units allowed by local zoning regulations.

Diverse Inventory for Varied Projects

The selection in Edgewater includes a range of projects: one large-scale, five medium-sized, and three smaller ones, categorized based on the potential yield of units: small (under 50 units), medium (50-200 units), and large (over 200 units).

Spotlight on Promising Properties

Among the notable examples is a large property with a distinctive 1980s aesthetic, echoing "Back to the Future." This Class B building, with significant parking space, could attract millennials in search of affordable housing options.

A medium-sized property, recently updated, offers space for up to 80 units. Despite its 2020 renovation and parking expansion, its potential for residential conversion remains strong, particularly if its office use isn't meeting expectations.

A smaller building, located near the iconic Bacardi building and adjacent to Pace Park, covers 19,000 sq. ft. and could be transformed into 43 units. Its proximity to key landmarks and its size render it an attractive option for conversion, regardless of its current occupancy status.

Upcoming Detailed Financial Analysis

Tomorrow, I will delve into a comprehensive analysis of one of these properties, assessing the financial implications of retaining its office function versus converting it into multifamily housing or market-rate condominiums. Stay tuned for detailed insights into the financial viability and potential returns of these transformative projects.