Suggestions for a 3.5 acre commercial lot
Hello everybody, I am new to the site and could use some advice. I have a 3.5 acre commercial lot in a rural part of NY with access right off a heavily traveled main road. The property currently has three structures; a run down old barn previously used as a business, a two family rental that is currently occupied, and another two family rental that was destroyed by previous tenants and has not been occupied in years. The lot is mostly cleared off and I have no issues knocking down all the structures for future development. I feel that this property has some potential but am not quite sure how to unlock it. Some ideas I have been teasing around are building a rental storage facility, leasing the land for a solar farm (although the lot may be too small for that), building a multifamily complex, or simply using the land for advertising. I really like the idea of owning a multifamily building but after some quick research into construction costs, paying 300k for a 2 unit building is not worth the returns in my opinion. Please correct me if I am wrong but it seems to me that the only real way to make decent returns from multifamily construction is by throwing up large pre-fab 10+ family units. That's not something I can pull off right now being that I am 22 with limited credit and savings. So I am curious if anybody has any other ideas for potential investment opportunities in the property or ideas/comments about my ideas. I have limited experience in real estate other than assisting in a few flips so I apologize if any of this comes across as asinine. Thanks for reading.