Buying triplex zoned as a single family-HELP

Buying triplex zoned as a single family-HELP

Member since 2019 · 4 posts · 2 votes

I am under contact to purchase a property in Tampa, Florida. Looking to owner occupy, then rent out the other two. This "triplex" is listed as 2 single family buildings; each are an RS-50. The realtors (mine or the seller's) are not providing much information on this as they are uncertain. I don't want to get into something that can come back to bite me.....fines, violations, restrictions on future improvements needing permits....many possibilities for repercussions.  So far I have contacted lawyers, the zoning departments from Tampa and Hillsborough county. Everyone seems to say different answers and I am trying to learn as much as I can about these but I need to be able to find out for sure. We have 12 days to cancel contract and get deposit back and today is day 3. This is everything I have found out so far:

1 This is two buildings that are each listed as single family residences; the back building has a top and bottom unit all with separate meters. The property was built in 1925 and the current seller purchased and renovated it in 2017. It was already a triplex at that time. 

2  Zoning department could not find any variances/ conditional use permits/ anything suggesting it has been grandfathered in as a multifamily residence

3 The property has not been occupied since at least 2017

4 rezoning is a long, expensive process and the zoning department does not believe it would pass

Does anyone have any suggestions or advice? I am exhausting all of my options and no one is consistent on their answers for what is possible/ what negatives would/could even occur? How can properties exist that are "illegal" like this? I have seen multiple other properties like this as well in a short amount of time searching and feel it could be something I keep encountering. I don't know who to turn to to give me a confident answer.

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  • Rental Property Investor · Tampa, FL · Member since 2016 · 31 posts · 11 votes
    7y

    @Michael Dumala unfortunately you see this a lot in the Tampa area. If it’s currently zoned single family and zoning department says it’s very unlikely to obtain a Multifamily zoning It is most likely impossible. Sometimes you will also find a property with the right zoning and owner has let business tax renewal lapse which can mean you are no longer grandfathered in. And to reinstate you have to come up to code and density and parking requirements which can completely ruin your deal. Take away is always check zoning on property records and make sure to have a conversation with the zoning department in your inspection period, and never let your business tax application lapse

  • Member since 2018 · 4 posts · 0 votes
    7y
    Originally posted by @Sean Drees:

    @Michael Dumala unfortunately you see this a lot in the Tampa area. If it’s currently zoned single family and zoning department says it’s very unlikely to obtain a Multifamily zoning It is most likely impossible. Sometimes you will also find a property with the right zoning and owner has let business tax renewal lapse which can mean you are no longer grandfathered in. And to reinstate you have to come up to code and density and parking requirements which can completely ruin your deal. Take away is always check zoning on property records and make sure to have a conversation with the zoning department in your inspection period, and never let your business tax application lapse

    Sean, do you know what kind of repercussions you would face renting it out as a multi family? Keep hearing different answers from fines to converting it back to a single or nothing at all.  

  • Rental Property Investor · Tampa, FL · Member since 2016 · 31 posts · 11 votes
    7y

    @Michael Dumala at the end of the day sounds like you have two legal units and one illegal one. If you are going to owner occupy and have no intention of drawing attention from the city (pulling permits, or asking for a zoning change, etc) you might be fine. Really depends on what you are trying to accomplish with this property and what your exit strategy is. I’m sure you could rent it but are you going to be able to sell it?

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