How many homes can i build?

[Gene H.]

Hello - I'm a newbie when it comes to real estate development but wanting to learn. Have an interesting opportunity that i'd apprecaite input/views on. Lot is in a suburb, south of Seattle.

Combined site for sale is ~3.6 acres, retangular shaped. Fairly flat with the exception of a small portion of the lot (back end). The site is currently zoned public/quasi-public. A portion of the lot was used as a school bus lot and about 2.8 acres of the lot used as a soccer field.

The zoning around the two parcels is zoned residential w/ majority of them 7,200 sq ft lots. I think we'd be able to construct ~2,000 sq ft homes.

The price for the lot $1.3 million. New homes in the area can fetch around $200-$250 per square foot.

What i'd like input on for this type of development is:

1) Whether undertaking this project would be financially feasible if rezoning to residential (w/ 7,200 sq ft lots) were possible?

-I'd specifically like to get an estimate/ball park figure re how many homes I would be able to construct, taking into account the roads/communal areas that would need to be in place for the homes.

2) The process and key milestones to get this developed from submitting an LOI/offer for the land all the way to construction/selling the homes

3) Any good resources on the topic?

Thank you. Any input would be much apprecaited!