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Updated over 6 years ago,

User Stats

172
Posts
46
Votes
Kumar Tummalapalli
  • Real Estate Investor
  • Chicago, IL
46
Votes |
172
Posts

Is multifamily zoning not helpful ?

Kumar Tummalapalli
  • Real Estate Investor
  • Chicago, IL
Posted

I am trying to acquire a property and have questions about the zoning and how it will help or hinder the value . The property is taxed crazily and I believe thats because its zoned multifamily . 

Existing Design:

1. Lot: 15000 sq ft  2 unit building , 2 story , total 1500 sq ft , Just one room on second story , Detached heated garage 1100 sq ft with an office 

Numbers: 

assessed value: 285 k

Under contract : 180K

Exterior: Average plus

Interior : leave the walls , but change everything

Some basic Ideas I had :

1. Convert detached garage in to a living unit /studio .

2. Add additional units 

I started my research by going through the zoning ordinance , reached out to a land use attorney . He said that its not possible to convert garage as they wont allow two buildings on the lot .

I went to the county website and found there are many lots with multiple buildings . So I dont know why the attorney said that .

==============

recahed out to the zoning department and their answers vague , ofcourse I cannot pull the trigger basing on these responses

================

I reached out to a local architect and he says he is not the right person to help :-)

So who is the right expert in this ? They should look at the zoning and tell - hey the FAR is so and so , the build-able area is so and so , so you can do this ...

Even if you have knowledge on these issues in your local market , please post - and I understand that the rules vary but it will help trigger some thoughts .

If you are an expert and wants to JV - I am open :-)

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