To give you a little context for my question: I'm currently looking for my first deal that I hope to be a buy and hold rental. There's a certain area that I'm really interested in so I've been trying to look into a lot of information on the area and on the houses. One thing I wanted to do is see if there were other people/companies in the area that own a handful of properties that indicate that there are other investors in the area (not that that would make or break my decision in any way... just curious about the environment and maybe people I need to get to know).
So basically I typed in the street names for the neighborhood I'm looking at, and copied all the info into an excel spreadsheet (Address, Parcel ID, Owner Name, Last Sale). I did some conditional formatting to show if there were any duplicate names (indicating that that person may own more than one property).
But what I also found was certain addresses with '0' as the address number... with multiple parcel IDs and multiple owners. So for example the one I'm looking at now is like 0 ABC Street. Is shows that there are 19 different parcel IDs for this 0 ABC Street, 9 of which are owned by the same person and the rest are owned by other people. How does that work? I assume this is a piece of land that was parceled off (is that a term?) and sold and is now owned by several individuals... and because it hasn't been developed or built on yet they haven't been assigned addresses. However, more knowledable insight would be great.
As a follow up question, is there a way to find out whether those are in the process of being developed or just sitting there (aside from contacting the owners of the property directly)??? I searched through a county permit website with a couple of the parcel IDs and there were no results. So I assume they're just sitting on those lots?
Yes, that is not unusual.
What I find is empty land parcels that have yet to be built and thus have no addresses, i.e. street numbers, assigned. In my county, when a number of adjacent parcels are purchased together, there's one deed recorded, and cross referenced to multiple parcel ID's.
Currently, they are constructing two three-plexes a block from me, I've been watching that parcel for years, owned by the same family since the 1920's. There's one house and an empty lot next to it, two parcel ID's. County records show one deed with cross referenced to the two parcel ID's. One of them had a house on it, built in 1920, and assigned an address. The other was an empty lot, never had an address assigned.
But the property was sold to developers this May, and they filed paperwork to construct two three-plexes, one on each lot, and the empty lot, with a parcel ID, but no address assigned, now has a address assigned, and when construction started in September, had the parcel numbers and street address hanging on the construction permits out front.
Some time ago, there were two adjacent empty lots next to this construction site, two separate parcel numbers, but five years ago, someone built an office building occupying both lots, and thus the two lots, each with it's own parcel ID, has one building on it, occupying both parcels, with one street number assigned to that building.
For this reason, it makes sense not to assign street numbers until structures are built, depending on how big it is, then assign a street number, and before that, assign "0" as the street number.
People in the know, would be either the city or county planning departments where my wife use to work. Towns and counties usually have master plans. So you call and find out from them if there are any plans for the area, and what the master plan looks like. The other way to find out is attend public hearings as developers usually go before it when they have special requests and you can hear and see what they're up to.
There's another empty lot on the same block, The owner has no current plans for it. It's been empty for at least the last 30 years. There are no current permits filed. The owners tried to get a zoning variance a while back, failed, and just sitting on the empty lot.
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