Rezone from Single Family to MUR 40 Feet Tall
Hello,
My wife and I are real estate investors. Had 4 properties 3 Sf and one Duplex. Currently we have sold one of the Single Families and are using that to build a six plex in a pretty good neighborhood in a community north of Seattle.
We are excited about this, but we just got word that one of our single families in Seattle (On a major busline, near a new lightrail station going to be rezoned for Multi Use Residential with a 40 foot height limit. Its only a 7000sf lot. Sort of feel like we have hit the lottery in a way with this property.
My question is we owe about $250K on the mortgage. We are thinking about selling off one of our other SF to help finance this project. Do you think courting investors would be a better decision to help with this development. We really feel that we could get 5 to 7 units on this space, especially since the City is looking for density in the area.
Does anyone have any experience with developing multifamily on a SF lot?
Thanks,
Charles