Purchasing a multi-family but completely confused
@Raza Rizvi can't answer your first question but the answer to the second is a resounding yes for me. If you have a single family zoning I wouldn't touch it. The risk is too high.
You can reach out to a title company and ask them to run a quick check for you. Many title company would do that for free.
I agree with @Joseph Gozlan. If that thing is zoned as a single family, I would be running in the other direction here in Minnesota. It is essentially impossible to get zoned for more units here. Not sure how hard it is in NY, hopefully someone with knowledge of that area can chime in.
If it's a non permitted conversion, I would not purchase it. There are plenty of 3 unit properties available throughout the Bronx.
The town fire Marshall and building inspector should have a unit count on file. Don't count on legally being able to add any units.
if you are really interested go down to the city and do a background on the property do the same at the tax office
with this information in hand you can now
RUN!!
it sounds like a permit and remodel nightmare unless you buy it and leave it alone- depending on numbers
enjoy
Hi Raza,
Have you tried checking this website: http://www1.nyc.gov/site/buildings/index.page ? This is the department of buildings website that should tell you what it is listed as and what the zoning is. There are 3 families that have 1 hot water tank and 1 boiler for the whole house, especially in older homes like this one. It sounds like you possibly are looking at a 2 family. The reason for the 3 electrical meters, is that 2 can be for the actual units, and the other is a house meter, for common areas and basement(which they are probably selling as a unit). What has your Realtor, if you're using one, been able to tell you? If not ask your attorney. If you're financing and it is dependent on it being a 3 family your bank most likely will not finance it. I would also ask your attorney to write up an addendum stating that you will only go through with the purchase if it is in fact a 3 family. Or a 2 if your numbers work. Hope that helps.
Check with the building department for permits as well as the tax office for the history. I have seen a house converted by error in the tax rolls from 2 family to one. I am not sure how you see historical tax information. Keep in mind the building department and the tax office don't always communicate so check on the permits too.
The one thing that is very hard to change is zoning. If you are in an area zoned only for single family you don't need more research, that isn't likely to change.
I have been told that the DOB property look up and DOF classification is not always accurate. It shows what the dwelling is classified as for tax purposes only. Example - 932 Van Nest Ave. shows B9-2 family dwelling on the DOB website. Has 2 electric meters. Zoning is for single family.
@Chris Rosenberg
I looked it up, and it seems that the zoning is R4-1 which allows for one or two families. I know those type of houses, they were all single families at once. Many were converted to 2. This one looks like it started the process by separating meters, but never followed through. I checked DOB, Dept of City Planning, Realist, RPR, so it seems zoning is for up to 2 families, and while DOB lists it as a 2 family dwelling it seems to be a single family still. It is currently listed as such and someone else listed it prior as a 2 and is probably the reason it didn't sell.