What's the Best Way to Sell an Acre Approved for 6 Lots?

[Wes Blackwell]

I have a client who owns 1.15 acres of land that was previously approved by the city for 5 additional lots. Although, the timing on the permits has passed, and they would need to be applied for again. But they did have an engineer draw up some plans for them already, and they still have them.

There is currently a 2/1 house on the property that's 1,300 sq ft and was built in 1948. It's dated, but clean and extremely well kept. With a little renovation and updating it'd really shine. The median home value for the zip code is $270k.

My client wants to sell the property in the most profitable way possible. There seem to be several ways we can approach this:

• Sell the property as-is
• Split the lots and sell them individually
• Possible joint-venture with builder / developer
• Client does not have funds to develop property themselves

I wanted to get some opinions from experienced land developers on how you think we should proceed or what the best course of action would be. And if you know someone in the Sacramento area who might be interested, please let me know. Thanks so much for your help.