Hey guys! I'm here to pick your brains about how you assess a property for potential development.
Long story short, I purchased 22,000sq building with hopes of turning it to an auto repair shop (family business). Unfortunately, zoning didn't come through despite multiple appeals. It's currently zoned residential, and after conversations with my attorney, I'm considering building an apartment complex. 6 units per floor, 4 floors, with underground parking.
So that's where I'm at. I'm meeting an architect this weekend to further discuss and get some plans drawn up. After that, I can worry about finding a builder/funding.
My question is, how do you guys determine whether the apartment will actually rent out? How much it will rent out for? (I'm assuming it'll rent for more than the dingy places in the neighborhood) Any resources that do a price analysis?
The local highschool has 1/10 on redfin (yikes!) But elementary school is 8/10. Also considering doing condos instead of apartments. Any thoughts on the pros/cons of apartment vs condo?
Thanks in advance!
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