Rezoning Commercial residential into 4 family

[Erik Schilling]

Hey BP,

I have come across an interesting opportunity that I could use some experienced knowledge.  The place I am looking at is currently zone residential / commercial (6 units).  It needs a complete gut job for my purpose.  The commercial space is basically a huge room with halfway done renovation.  4 units currently have tenants and 1 is vacant.  This is a low income building but near some new development.  My question is how feasible would it be to completely gut the property and make it an upscale 4 family?  I called the city on Friday to discuss rezoning, but it was towards the end of the day - hope to hear back Monday.

My thought process is to make this a nice 4 family to appeal to a better class of tenant, but also make it easier to sell in the future if need be.

The surrounding area has SFH, apartments, and some industrial a few blocks away.

Is this a realistic (not too difficult) proposal or is this going to be a long and drawn out process? 

Any feedback would be appreciated!!