Rezone from Single Family to MUR 40 Feet Tall

[Charles Walker]

Hello,

My wife and I are real estate investors.  Had 4 properties 3 Sf and one Duplex.  Currently we have sold one of the Single Families and are using that to build a six plex in a pretty good neighborhood in a community north of Seattle. 

We are excited about this, but we just got word that one of our single families in Seattle (On a major busline, near a new lightrail station going to be rezoned for Multi Use Residential with a 40 foot height limit. Its only a 7000sf lot.   Sort of feel like we have hit the lottery in a way with this property.  

My question is we owe about $250K on the mortgage.  We are thinking about selling off one of our other SF to help finance this project.  Do you think courting investors would be a better decision to help with this development.  We really feel that we could get 5 to 7 units on this space, especially since the City is looking for density in the area.

Does anyone have any experience with developing multifamily on a SF lot?

Thanks,

Charles