I am trying to sell my property. It is a residential lot with 8 bungalows (small houses). 2 of them are rent stabalized and the tenants will not move (long, complicated story). And due to this, and the zoning laws it is best that all the existing structures remain as is. I have looked into a subdivision which will be way to expensive. But that leaves my only option to sell as an income producing property.
Would it be possible to sell each unit as a co-op? The property was appraised last year at $460k. I know I can get at least $100k for each bungalow if I can sell them like that. Will a bank loan money for that? Someone please teel me if this idea should be considered an option.
You will need zoning approval to make the switch. A good zoning and planning attorney who meets before your local board can tell you quickly if there is any hope it can happen.
The first questions I would have.
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When were the properties first constructed.
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How long have they been occupied
What is your timeframe for selling the propery/ies?