Should I build or sell the lot and towards multiplex purchase?

[Joey Wharton]

Hi BP community!

So excited to be closing on Friday on first multiplex purchase. Deal details here:

http://www.biggerpockets.com/forums/88/topics/1675...

Purchased from an estate, they sold as 2 lots combined, just talked to city planning this morning and found out they are already subdivided. On quick look we can build 9 units, about 1200 sq ft,estimated rent $1100 each. 

So we can either sell the bonus lot for 60-70k and use that money towards another multiplex, or we can pull a commercial loan to build out, estimating about 350,000 to build, with me GCing.

What would you do?