Commercial/recidencial Property
I found a commercial/residential property on a main street in my neighborhood in NJ. It is a plot, size is 45.50' * 160', can build a 3 story building, first floor for office to a professional, 2nd and 3rd for apartment rentals or additional offices. It is for sale by owner who is asking for $225K. He told me a doctor will buy it for $800K if he will build the 3 floor buliding, but he does not have the time.
I have not been able to ask the owner many questions, since I am new to this industry, not sure what I am supposed to ask. I am not familiar with commercial property. I am thinking to find a builder to flip it to if I can work it out, what should I do next?
Determine what uses the current zoning of the property permits by going to the municipality and looking at the zoning ordinance and zoning map. This will also tell you about height, parking, building coverage and other restrictions. You might also want to speak with the zoning officer about the zoning history of the property.