Will the parcels, once subdivided, have frontage on an existing street? If so, the target market could be end users looking to purchase building lots. If not--meaning that site improvements will be required, then the buyer would be the guy sticking the shovel in the ground.
Did you want to sell the lots or hire a builder to build houses?
I have a 4plex in AZ and wanted to do the same thing. In reearching, I found that not only is it a lot of work, both paper and construction (depending on your situation), but the waiting list to get a hearing with the city to convert was pushing 12 months...I think CA (where I live) is the same. You may want to check to see how long it takes...also if you have to do construction, you will be w/o tenants for that time.
I went another route, since my lot is big (still have to get a variance) and the property is technically 2 duplexes, I am doing a "lot split"; selling one duplex and making the other into a single fam house.
Having said that a smoothe convert can net you a boat load of cash, depending on the market in the neighborhood for condos
Some questions...
Will the parcels, once subdivided, have frontage on an existing street? If so, the target market could be end users looking to purchase building lots. If not--meaning that site improvements will be required, then the buyer would be the guy sticking the shovel in the ground.
Did you want to sell the lots or hire a builder to build houses?
Nancy
I have a 4plex in AZ and wanted to do the same thing. In reearching, I found that not only is it a lot of work, both paper and construction (depending on your situation), but the waiting list to get a hearing with the city to convert was pushing 12 months...I think CA (where I live) is the same. You may want to check to see how long it takes...also if you have to do construction, you will be w/o tenants for that time.
I went another route, since my lot is big (still have to get a variance) and the property is technically 2 duplexes, I am doing a "lot split"; selling one duplex and making the other into a single fam house.
Having said that a smoothe convert can net you a boat load of cash, depending on the market in the neighborhood for condos
[ Edited by DEZERTGUY on Date 07/21/2005 ]