Multifamily Valuation for an existing SFR zoned for multifamily
Hi Everyone,
I have a SFR in Portland, Oregon that is cash flow positive but not by a lot. I am evaluating a few options to improve this situation, one is "status quo" i.e wait another year and then decide since the next rent increase will improve the situation a little, two is to add a detached ADU which I have researched to confirm both feasibility and strong economics, and three is to see about selling the property as a development lot for multifamily, then using the proceeds on another investment. For option three I'm looking to find a mentor, real estate agent and/or appraiser that can help me understand the underlying value and marketability of my lot for multifamily as a comparison to adding an ADU. The location is very good with many small apartment and condo buildings being completed over the past several years, suggesting that this could be a better approach than the ADU option. My understanding is that the site zoning allows for 3 or 4 units as of my research a few years ago, this might even be more now based on some recent zoning law changes here. If you have any insights on this process, please share! Thanks in advance for your help. Regards, Steve