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Updated over 6 years ago,
Rezoning residential property to commercial property
I am trying to settle my dad's estate which consists of a 1930's 2BR/1BA log cabin, a 2 story octagonal building (1400sf total) with upstairs used as a church and downstairs used as 1BR/1BA apartment, 2 storage buildings, and approximately 5.5 acres. The property to left, right, and behind is zoned as commercial or light industrial. My dad's property is zoned as residential 40.
I have a real estate auction company on go to sell in a reserved auction. They are very savvy and experienced in what they do and feel that selling as is where is as residential is best option.
My questions are would it be worth it to go through the time and expense to apply for rezoning. If it were rezoned as commercial/light industrial would that make the value much higher than residential. I know the local town and county are interested in the property.
Also had the thought of selling as a commercial lease to bring in long term income for all the family but not familiar with all the legalities that go along with that.
Any and all advice is much appreciated.
Paul