Trying to decide between Commerical or Multifamily apartments

[Ravi Karuturi]

I have 3 acre land which i am trying to decide if i want to go with commercial or multifamily. what are some of pros and cons. the land is zoned commercial.

[Percy N.]

Quote from @Ravi Karuturi:

Quote from @Percy N.:

@Ravi Karuturi, its impossible to answer that without knowing the local area demographics, economic outlook, occupancy rates, building regulations, etc and therefore what the "highest and best use" of that land would be in that specific area.

How many units do you wish to build? 3 acres is not a lot of space (factor set-backs and parking), how high can you go vertically?

 I am thinking I could build 70 apartments with a mix of 1 bed and 2 bed. Agree with your answer on without knowing details it would be hard. My next step is to hire someone to conduct that study. Who would be the best person to conduct such a study. 

 Look for someone who can conduct a feasibility study in your market. Is it a large market? If so look for some reputed names or contact a local architect to get some referrals.