Build on High-Density Multifamily Lot

[Ashley Zhang]

HI All, I am thinking purchasing a property zoned high-density. 1 acre required minimum 8 units. this property is 0.76 acre and has a SFH ( built in 1900) on it. Initially I was thinking buy it and split the lot into 2 parcels, 0.5 and 0.26 acre, and sell the one with SFH on it, keep the vacant land. However because of the zoning ( RMF-24, minimum 8 units required on 1 acre lot) , my plan probably won't be acceptable by the city. Then I am thinking my options will be: 1) buy it,renovate the SFH, and sell it; 2) Demolish the SFH and build 6-8 units on it 3) split the lot to 0.5+0.26, build 4 units on 0.5 acre. I have the common problems others have, funding! mu fund is only enough to put down payment for purchasing the property as SFH. and I'll have very minimum money left to spend on construction, utilities, etc. I don't want to give up just like this, I am seeing the opportunity, however I need some help/ideas on making it happen. I appreciate all the response! thank you so much and have a wonderful day!

[Mike Dymski]

If the land is worth more than the existing property and the seller is unaware, you may be able to flip it to a developer.  You will need enough experience though to be able to assess that feasibility and value (or have a commercial broker who does - and won't take it down themselves).