San Antonio land near downtown
Hi everybody!
I've purchased a small lot in a single family zoned neighborhood in Southtown San Antonio right next to the highway interchange offramp and a high school sports field to develop it as a rental or sale lot. It's approximately 40x90 feet without setbacks and the buildable lot would be around 20x40 plus onsite parking and two stories. An accessory dwelling is possible although very compact. The site is not zoned for residential as it is a unplatted parcel. It's also at the end of a short dead end street. Ive been entertaining various options because the utilities are nonexistent and the waste lines in particular would cost about $6000 for an extension. I'm looking for advice on how to maximize the profit margin with low overhead development costs as a starting point. It's an interesting concept because the city needs more development to improve this older-generation neighborhood that is partially run down and quite close to Southtown amenities like the blue star arts district and new mission reach trails. It's my hometown so I have some personal interest in adding value as well as helping someone have a great place to live. What is the market willing to reasonably offer to maximizing the potential of this type of site? What would I stand to gain and would it be worth it? Additionally, what are the odds that an investor would be interested in becoming part of this process and at what stage of its development? I am an architect and capable of putting together a full concept and set of plans as necessary. Would it be overly speculative to be developing houses in San Antonio and for what type of investor should I be aiming for?