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Updated over 11 years ago on . Most recent reply
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Wholesale opportunity in mixed use zone, on busy street, next to gas station. Advice?
Good morning all!
I have a possible wholesale opportunity on a home that is located on a busy street next to a gas station. The properties on the other side of the home are houses, of which some have been converted to offices. The area is zoned for mixed commercial and residential use with the allowance of accessory dwellings. I'll have to do more research, but I believe the accessory dwelling designation allows for the two story brick garage on this property to be converted and used for residential or office purpose if desired. I pulled four comps on properties that are also located on a nearby busy street, but the zoning for those properties does not allow for commercial use and are obviously not located next to commercial property.
My questions are...
How would I determine the ARV considering the zoning and the fact that it's located next to a gas station?
I'm sure the gas station next door reduces the value, but by how much?
Does the mixed commercial/residential zoning and/or the accessory dwelling designation add or subtract value from the home?
Will the zoning, the busy street, and/or the gas station cause financing issues for an end buyer?
Any other insights are welcome as well.
Thanks in advance, everyone!!