“Possible rezone for business” - Posted by Bob Ridge
Posted by Bob Ridge on September 12, 2003 at 07:50:12:
There’s a rental property for sale at a decent price located one house away from a main street in the center of a growing small town/suburb of Indianapolis. The cash flow would be good if kept as a residential property, but I am also intrigued by a line in the ad that says “possible rezone for business.” In my own growing small town/suburb, entire neighborhoods along the main street are getting successfully rezoned, and property values are skyrocketing. The town where this property is located is in the early stages of similar growth. In fact, it is almost impossible to find decent houses there listed for lower than the current listing price.
So how would I go about assessing the likelihood that the property can be successfully rezoned for business? How does rezoning typically affect property values on “Main Street USA”? If the prospective tenant is going to run a home business from there anyway, can this have any influence on rezoning? What are the pitfalls of trying to rezone? Thanks in advance for suggestions…