Idea guru needed, profi/ best use on RO-3 rental Uptown Denver

[Juline R.]

I own a 5500 sq ft lot with a 2200 sq ft victorian on it in Uptown, West City Park, Denver.  Zoned RO-3

Home has lovely space, great location, 3 car garage, never a vacant month 18 years, I don't want to hold the home itself past 5 years, but I don't want to completely lose the land.    

I leveraged to 70% so I can buy more, develop or grow somehow which sadly I have been just holding refi cash for a year paralyzed in fear, I currently break even or lose slightly with the refi, rental income/expenses including mediocre property management 10.5% but I haven't been in the area for years.

So....about the future I need a plan, I need this property and refi to get me out of working 5 years from now.... and still keep a unit or part of the lot....the world is so uncertain I don't want to give up having a roof over my head that is paid off and in a great location...I am struggling with that now having lost my LA apartment after 17 years and being outpriced to stay.

RO-3 is eligible for 3 story multi-unit, office and or living

These thoughts may be inaccurate, I have no experience just a lot of ideas, no partner to work with yet, my research leads me in insecure circles and i have no idea what is actually possible, I am out of touch with Denver and not sure where to turn for a reliable resource with facts, answers, ability... 

• Rent as different use, higher price, rather than residential single family for up to 5 years while I make a plan (furnishing would need to be purchased or rented)
  
  • Furnished bedrooms, furnished living, monthly individual room rentals
  • Unfurnished bedrooms, furnished coliving space, monthly room rentals
  • Business rental
  • Garage profit
  • Continue SF rental
• Subdivide and sell but keep myself space for a tiny home
• Partner with a developer
  • Multi-story, maximize units, sell individual, sell building, rent all, unit has to be kept for myself
  • 2-3 large units

Help.

[Herb Dorn]

Juline,

I think you need more information before making any decision.  Find a Realtor who has multiple sold properties (same zoning) in West City Park to establish valuation.  It makes no sense (to me) to not at least consider selling in today's Denver market as it's so rich for development.  I think you need to consider "loosing the land" if the proceeds will simultaneously provide you with both profit that could be turned into both income and a property that may ultimately be better fit for your goals...