Looks like a tear down to me - call a contractor

it would be a better investment to tear it down and build another multi family home..... condos....and then sell or rent out the units...

 You had better speak with a contractor.

construction costs are local  we are not a good resource here

Construction costs vary by area, supplier and who is doing the work.  Couldn't even begin to guess!  What I'd recommend is to tear it down and build something modern, like Barbara Todaro said.  BUT DO THIS FIRST: save on demo costs, invite your local fire and police departments to train there!  Let them practice searching, tearing down walls, etc.  I got to do search training in a building scheduled for demolition at a local company once.  Great times!  So long as it's safe enough to enter, fire, SWAT and the local PD and emergency teams will love you!  Plus, they'll take down a few walls for you.  Maybe you can let them use it as a live burn training for the fire deparment.

Depending on the location, Barbara Todaro may be right.  The property may be worth more without the building.   No way for us to know.  

Echo Liang the best thing to do is get a contractor to give you a written quote to bring this property to habitable conditions. 

Minimum $5k a unit depending how you finish it off. Rent return or return on investment decides how far to go or spend

Depends on foundation, plumbing groundworks, water & sewer taps, roof, what quality of materials are used, condition of existing masonry, electrical requirements, square footage, etc, etc. If code allows, roof could be removed and a 3rd story added. Might be best to demo? it looks like 4" masonry over framing. new codes could require metal studs, fire rated sheet rock, sprinkler system, and on and on.

Echo, I love your pic with your dog. There is no way to even ballpark that with so little info. We would be shooting in the dark. But I will try. As long as you know this is like one of those guessing games at a child's carnival :)

When I was a rehabber, I called MANY contractors and spent MANY days in a row with MANY diff people getting a ton of opinions and I sincerely believe that is the only real way to answer that question.

The closest thing to that I ever did was a 4-plex in need of foundation repair, roof, light plumbing, one AC, new floors, paint in and out and light handyman work throughout about 10 years ago in Texas and it cost $38k. Somehow I doubt this place you're looking at needs any less than $70k. It looks big and it looks like you will not know if ANY systems work at all - plumbing or air.

Good luck!

Call your favorite contractor.

You should get some quotes from local contractors.

Whatever estimates you get, double them.  Whatever time frame you are given, double that.

Better yet, move on to another property.

Demolition and a new build! 

If it's near Bankhead HWY...forget about it! 

Decide what you want it to be, call a few contractors, and they will give you the answer.

Have fun, I hope it works out for you.

No idea on cost, way too many variables to consider and costs in GA will be different that FL. Get estimates from a couple good rehab contractors and don't forget to get estimates for insurance...depending on age of building, it could be very high. There are a lot of things to consider before you make a decision.

Echo,  better to build something new here,  I think. 

Good luck. 

Looks so Beautiful I don't know why you would tear it down.  Paint and new windows easy fix.  As most people already said it depends on area contractor and end purpose (rent or sell)

Why does someone want to renovate this building? 

I'm pretty sure the building market is kind of local too.  I would say gut it and start over.  Perhaps, look to another building to buy.

No clue.  I would talk to a contractor.

Wow, this could be a good deal!!!

Yikes!   Too many variables.  You will need a local contstruction and/or demoliton expert.  

Echo, your profile states you are in Arcadia CA --- this building is unlikely in/or near there, right?    

Too much!

~$100-150 sf min (CA) Needing itemize priorities.  Kitchen $12K, bath $8K, flooring, walls, ceiling, plumbing, appliances

Looks like the roof is shot.

Measure window frame go to HD ask for material estimate, installtion is $350 each etc.

Looks like a major surgery.

I think you are asking the wrong group of people

Echo,

There are so many factors involved in renovation.  And construction costs are a local thing.  Each state is different. We lave laws in CA that this building may need to retrofitted for earthquakes.  Get someone to recommend contractors, then get bids.  A

As everyone is stating call a contractor or two.

OK-I would contact a local general contractor that specializes in this area. I could assist in Phoenix market.

Barbara has given you good advice.

Echo Liang It has already been said here. Hire a local contractor to give you an estimate.

The question is not "How much could it cost" but is "How much should it cost."

As an investment property, the budget is determined by the best use value.

As an example a million dollar house can budget more that the kitchen than the $200,000 house.

THEN you consult with contractors who have a history of coming in under budget.

You need advice from a contractor based on what the plan is. Perhaps several estimates. Best advice may be to bulldoze and start over

parked and reading

Get an experienced rehab contractor that is local to provide an estimate. There could be hidden issues so provide for a contingency!

You should speak with a local general contractor.  Check angieslist.com