How to turn single family home into a multi-unit property?
Hello - I'm new here but excited to join the community!
I own a home in Seattle extremely close (less than a mile walking) to the Northgate Transit Station and with the new HB1110 "middle housing" bill being adopted I'm interested in tearing down the home and building multiple units on the 4,980 sq ft property. Only problem is I've never taken on an endeavor like this and need guidance on the process, how to navigate the laws, how to determine any investment I'd need etc.
I'm open to the idea of making a deal with someone more experienced as well provided I get to learn and gain valuable experience in the process.
Thanks!!
JT
Hey JT,
I recommend partnering with a builder on something like this.
You can kind of JV the deal by putting up the lot and negotiating your way into either a percentage of sales of keeping some of the units once they're built.
If you want to keep the whole parcel to yourself (which you should) you might just have to hire a builder outright to do the work for you.
In Seattle specifically, you want to choose the builder based on the type of product they build. In Northgate, you're still within Seattle city limits so you're probably on an LR lot? And depending on how close you are to the development zones you could be looking at townhouses or an apartment complex. Based on that information I'd recommend reaching out to a couple builders in the area to see what their options are for someone in your position.
If you're on an NR zoned lot you may have to settle for a DADU build in the back if you have the setback requirements met.
Feel free to PM me with more specific questions!
I have been trying to figure this out in Oregon. Not sure how this came about in Washington but in Oregon it came down from the State and the local Planning Departments all had to scramble. They are still getting the bugs out. My advice is boring. Sit back and watch for a year or too. Let some of the kinks get worked out. Let some folks with bigger pockets take the lead. If you have a great location, you can wait.
What are your system development fees? Can you use manufactured homes? Are these for rental? Or would you sell them. How will you sell them? What financing is approved in WA ?
Research local engineering firms that work well with the city.
This is something that could take awhile. Planning, permitting, etc. Do you have any contacts with a good contractor in your area? When it comes to the zoning and lot size, have you been able to figure out just how many units you would be able to put on your property?
How big is your current residence? Is it large enough to possibly add 1 or 2 units to the existing structure? Possible ADU?
What is the current zoning of the property? You can try tearing it down and build micro units or potentially build an ADU/DADU. @Carlos Valencia @Albert Bui