Wanted: Ideas for Profit from Small Strip of Land
Any ideas on how to generate an income stream or profit from a small strip of land just 19x69, 1311 SF. Zoned for sinigle family and in a neighborhood which is considered to be down and out, but the city is making an effort to rehab the whole area with various tax breaks etc for investors.
This parcel of land has homes on both sides of it and isn't hardly big enough to build a family residence on. It is currently just a vacant lot with homes pressed close on each side.
Would appreciate any suggestions. Thanks.
it's definitely too small to build any alone standing building. by the time you deduct setbacks (space, that is necessary betweenneighbor's property line and house) there's nothing left . shotgun homes are typically about 16' wide. setbacks in my cty are 7' on either side (15', if it's a corner lot), that would leave 5' for building.
these are the only alternatives i see:
- buy the neighbor's property and add on
- donate it to the city and get a tax deduction for the assessed value
- sell it to one of the adjoining neighbors
- lease it to a growing co-op?
michaela
What about a mobile home or Modular?? I don't know the zoning but this might work.
Contact me at your earliest convenience.
Put your billboard on it. rudy
I was a design engineer for both local government and private companies.
My experience is that it is not very often that the city will buy land from private investors who aren't "connected" to someone in the local office.
You would have an easier time applying for a change in zoning.
The few occasions that I am aware of took a long time to move.
if the houses around your land have no garages, maybe a garage could be built and rent to the neighbors.
Give some paper secured by the lot as a downpayment for another asset. Trade the lot as a downpayment for another property.
Sounds like an ideal location for a "shotgun townhouse." However, you need to give us more information. We need building height limitations. We need to know the front yard, side yard, & back yard set backs. Are there buildable area limitations? Is there a required parking on the parcel? The list goes on & on. A deed of restrictions should tell all.
If that doesn't work, buy the property next door & deed your property to it & either build an addition to it existing house or re-sell with a large side yard.
Another option, propose to the city that it be a small community park or dog run. Fill it with lush landscaping, a few benches, a small water feature, a brick fence across the front & sell it to the city at a profit. Ask the neighbors to invest in the landscaping, as it well help increase the value of their properties.
Good luck.
Depends on city and the slummy neighborhood. Give me the legal and the assesors numbers. I will look it up and see if the back yard, front setback and side yard requirements can be met. I will then explore with the Building Department a modification or variance to erect low cost housing. I will inset upon this space two containers. One 40 feet lot and then tie a small 20 footer in creating a 600 sq ft housie. All steel and Really advanced industrial 2004 design.
How much for the lot, would you like to donate it for a showoff house implanting a slum with an advanced desirable house.
Remember our motto, Termite Proof, Fire Proof, Earthquake Proof and it Floats. The perfect California House.
I await your call Lucius