Commercial property use

[Jeffrey Muth Jr]

Hello,

I'm a bit stuck with my Commercial property I purchased and needing advise on what to do or steps to take.

This is a C1 type property and it is .30 acres in the city of huntington wv. I purchased the property for $9k with closing. The intention for buying it was to put a food truck park. Ice water vending, parking lot, self storage, etc... on there. I don't regret buying the property for the price as the value of it (per assessors site) is 3x what I paid for.

The problem I'm having is that there is a currently installed entrance & exit the state will not allow me to use the exit due to it being too close to the entrance and want the exit moved to be 100' away. I can't just put gravel down as the city wants it to be paved this is where I'm stuck.

If anyone wants a view of the property you can look at it via Google maps, the address is 711 adams ave huntington wv 25701.

Thanks for the help & tips

[Malcomb Stapel]

@Jeffrey Muth Jr  is the entire length of that lot yours? I can see what the city is getting at, you would have traffic piled up in that small area trying to get in and out. Like you said, could be a good spot for food trucks, maybe the local farmers market. I'm sure the city would let you rezone to residential or multi family if you wanted to build houses. Or, hold it for a year, then donate to habitat for humanity and take that nice tax credit against other gains. 

[Jeffrey Muth Jr]

@Malcomb Stapel to answer the question yes the whole lot is mine. It is already zoned for residential and multi family as well as part of the c1 class. Right now I'm just holding it for the year mainly b/c of the fact of I can't do anything.

It was the state that did the main block and the recommendation is to put the exit (if looking at it from Google maps) behind the utility pole to get the 100', which is practically the length of the property.

[Jeffrey Muth Jr]

@Malcomb Stapel additionally why donate the property? I can understand some tax credits but why that?

[Malcomb Stapel]

Quote from @Jeffrey Muth Jr:

@Malcomb Stapel additionally why donate the property? I can understand some tax credits but why that?

 It becomes an attractive option if you are flipping, or have some other form of active income that you can use the tax credits to offset. 

[Malcomb Stapel]

Quote from @Malcomb Stapel:

Quote from @Jeffrey Muth Jr:

@Malcomb Stapel additionally why donate the property? I can understand some tax credits but why that?

 It becomes an attractive option if you are flipping, or have some other form of active income that you can use the tax credits to offset. 

 Additionally, it goes off of the appraised value of the property, not what you paid for it. So if its worth 3x like you mentioned, then roughly $30k write off on the taxes. 

[Chris Seveney]

@Jeffrey Muth Jr

If you got it at such a good deal why not put in the new exit?

[Jeffrey Muth Jr]

@Chris Seveney - the biggest part is that the concrete for the new exit would be alot. Your looking at what a good 50' pour (roughly). I wasn't expecting the state to say no b/c there was already an exit in place.

[Daniel Lioz]

Put rocks and pavers on the top...like a Roman road. It will also help with the drainage as it can go into the ground.  You will probably pay more to remove the existing exit area so you maximize your ground area for what ever usage you want it to be.

[Ronald Rohde]

The cow's out of the barn, but these are the types of questions you should answer before buying. Even if its a good deal, your next buyer is going to have identical issues.

I'd just bite the bullet and pay to pave the entire thing. City's happy, you get most value, long term solution.

[Jeffrey Muth Jr]

@Ronald Rohde as I stated I wasn't expecting to be blocked by the state on using the currently installed exit.

[Henry Clark]

Find out what the setbacks are for the different zoning.  Residential commercial

Also the drive way entrance permit process and measurements for both residential and commercial.       

Check on water, sewer, electric, storm sewer, and other utilities.  

The above will help to narrow down your discussion.  

If you can do fireworks should get $15,000 to rent space for 2 weeks. 

[Ronald Rohde]

Quote from @Jeffrey Muth Jr:

@Ronald Rohde as I stated I wasn't expecting to be blocked by the state on using the currently installed exit.

 So you're gonna pave it?

[Jeffrey Muth Jr]

@Henry Clark I thought about the fireworks part yesterday. Any idea who I can reach out to in regards to that?

[Henry Clark]

Check with your planning and zoning first.   Then call some of the firework company’s you see.