Updated over 7 years ago on . Most recent reply
Making a 2-family into a 3 or 4 -family in Jersey City
We have a 2-family house in Jersey City that is in a R-3 zone. I found out from the town that we could add 2 more units . I have never done this type of thing before. Can some experienced investor guide me on the process? Any recommendations for an affordable architect? My thought process was to get the plans approved and then sell the property , as it would be worth much more that way . Any suggestions?
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@Fahima Hilal I would also talk with a couple big real estate brokers in your area. Is an 4 unit really going to be that much more valuable than the 2 unit? And how big is the market for development opportunities like this? With the cost of construction, it might not make sense or be worth the time to buy a two unit with approved plans & permits to expand to a 4 unit. Or it could be, but it's possible you might not recoup your costs for getting the plans and permitting done. It could just be easier to sell it as is, and make sure to not that the zoning is R-3 so there is expansion possibility.
Sitting down with some other folks to get input could be really beneficial.