Uses for MR1 Properties in Los Angeles
I have an option to purchase an MR1 lot in a great location in LA but I'm skeptical regarding uses for this kind of land. I considered rezoning to commercial and selling to a developer, but as I understand it the city is currently very reluctant to approve these kinds of requests and commercial development is very slow because of high interest rates. I'm looking for insights regarding creative uses for MR1 lots (currently there are 4 auto repair shops on the 14k+ sqft lot).
What kind of buyers would be interested in a lot like this?
How can I increase income from this property?
How can I maximize the selling value?