Cost To Lift A Roof?
What does it cost to raise a building’s existing roof?
Roof lifting is a cost efficient solution to adding clear height to an existing warehouse or other industrial building. Compared to demolition or construction of a new building, the cost to lift a roof is an inexpensive solution to add cubic feet to any existing building.
This is a real example from one of our clients. Their decision to raise the roof of their building created value to the building that far exceeded their expectations.
The original clear height of the building was 16 feet. Functionally obsolete in today’s industrial real estate market.
The owners tried to market the 16′ clear, 300,000 sf building “as-is” for over 5 years with no success. The property’s asset value and marketability was greatly diminished due to the low height.
Aside from the clear height, the building was in excellent condition and in a superb commercial area just outside of Grand Rapids, Michigan.
Value prior to raising the roof
According to the owners, the value of the property was the value of the land, less the cost of demolition. Twenty-four acres at $50,000 per acre. Approximately $1,200,000 with a cost of demolition around $600,000. Leaving a property value of $600,000 or $1.71 per square foot. The owners contemplated demolishing the building every year they owned it as it remained vacant.
After contacting Rooflifters, the owners made a decision to re-market the property with 32′ clear height. They immediately drew the interest of buyers and potential tenants and within 10 months of contacting Rooflifters they secured a lease on the property.
Once the tenant was under contract, the owners raised the existing roof to 32 feet clear and completed a modernization to the property that created a huge increase in value to the asset.
Not only did they acquire a long term lease due to the new 32′ clear height, but they received offers for the property as high as $14,000,000 or $42.94 per square foot.
The owners said that the entire modernization, including the roof lift and other renovations, was around $7,000,000.