This is an investment property I sold that the owner had turned into 3 units.
If you are considering the investment potential of a property, don’t forget to think about possible changes in use which could improve value. Occasionally I run across properties that are not being utilized to their highest potential. The most common example is probably a single-family home that is on a commercially zoned parcel of land.
Some typical value adds to consider might be:
- Convert a single-family home into a duplex
- Split a lot in to two parcels and then either sell/hold one or both
- Obtain an extra-occupancy permit for a home in specific zoning
- Build a second home on the property
When researching zoning in Fort Collins, I commonly refer to the City’s Zoning Matrix here: http://www.fcgov.com/zoning/pdf/land-use-zoning-matrix.pdf