I wanted to see if anyone had experience rezoning a single family home (zoned B-4) in the Denver area, specifically Aurora in this case, to a triplex. I found a deal that the owner is currently cash flowing on the property with it being zoned as a SFH but used as a triplex. So my two main questions are:
1. What are the costs and time investments on getting a property rezoned in this area?
2. What would be the benefit of rezoning the property? Is it legal to continue operating the property under B-4 zoning with tenants?
Any advice would be greatly appreciated. Thanks for the help!
@Pierce Lovesee generally speaking, rezoning doesn't happen. My advise would be to find another deal.
Since the owner is using it as a triplex, it is possible that it is a legal non-conforming use (this is the case when the property was a legal use and the City changed the zoning or the allowed uses in the zoning). You may be able to continue to use the property in that manner. Some lenders would want a letter from the City stating the use is legal. Only the City can answer that question about whether it is legal or not. If the current triplex is not legal find another property.
Benefit of rezoning property is that you get to use the property in a manner allowed by the new zoning. Usually this means you can make more money from it in some manner.
@Bill S. Thanks for the quick reply, and sorry for the slow response. I found that the property was a legal non-conforming triplex after the necessary 57 phone calls to the city, but I moved on from that property for other reasons. Thanks for the advice though!