Commercial Zoning, Can I build a multifamily?
Good morning BP,
I am based in Milwaukee Wisconsin and I am a buy and hold investor. I have focused on mainly on single family investments up to this point. The other day I was driving along in one of the suburbs (new berlin/ hales corner border for those who new the area), when I saw an abandoned brick building, so I pulled over to the side of the road, and looked into it. It was one of the listings that you could text a number and receive the information for, so I did. I found that it was zoned commercially, so I was wondering if I could turn this commercial building into a 5+ multifamily unit building, because its zoned commercially, or do I still have to change the zoning. So, then a follow up question for that would be, the land being sold is about an acre worth of land. I am reaching out to those who have done similar things like this, would it be worth converting the current building into a multifamily building and building another right next to it. I was thinking that maybe I would build two 8 units side by side and still have room left over for a duplex on the same lot. I was told, that new construction for residential generally goes for about 111$ per square foot, and based one that the rehab cost is pretty big. I was hoping someone could shine some light on the situation. I think it would be a two year project and lots of discussion with the city.
Thank you all in advance for any insight provided.