Specialist · Miami, FL · Member since 2019 · 5 posts · 1 vote
Hi fellow BiggerPockets member,
I'm moving forward with a CRO (commercial, residential and office) property in Central Florida.
The deal size is nothing that will make us rich, nor poor, but my associate and myself have no experience investing in such properties.
I'm in need of your help!
Hoping to answer these questions:
1. The property is considered historic, so I assume there are many remodeling/construction restrictions - any thoughts and opinions about historic properties?
2. The property has a long standing tenant in the bottom, and has an apartment on top which has traditionally been used as an office - thoughts on how to treat it? Turn it full commercial? Full residential? both?
3. The property is very unique: has a chapel, 25 car parking lot, a huge attic currently used for storage - do these post limitations into what to do?
If you're interested, we're more than happy to pay for your time to get a full analysis from an experienced professional, ideally in the area.
Rental Property Investor · San Francisco Bay Area, CA · Member since 2009 · 48 posts · 21 votes
7y
Congrats and good questions. Here are some thoughts:
1. Historic: Yes, this will pose restrictions. Best to call the city to determine what is considered historic vs. what isn't. There may be specific architectural features that you can't touch because they are historic vs. the entire property. The city may direct you to a historic commission that will be able to give you more guidance.
2. Check the zoning. What is the zoning, what's a permitted use vs. conditional use. Are the existing uses grandfathered or will a use permit be required if you re-tenant with similar uses. If you want to change uses, what would be required. All good questions to also ask the city.
3. Not necessarily. Most limitations (outside of physical limitations from the property) in my experience have been from zoning and city requirements.
Might be worthwhile setting up a meeting with city planning officials and getting into these questions with them to better understand what you can and can't do. Good luck!
I would add regarding question 2 about highest and best use you need to analyze your market and determine what is in highest demand for the area and how much income each use wil generate.