Ever Done A Frat House?

[Bob Ipock]

I read several articles in the newspaper about some proposed zoning changes in Raleigh, NC. The city council was attempting to pass an ordinance which would prohibited more than 3 NON-RELATED people from living in the same home.


Raleigh is somewhat of a college town having quite a few colleges and they were trying to put a stop to single family residential homes becoming flop houses for college students. In some cases 12-15 students were renting a home and living there. Lots of traffic, noise, cars on the street etc.

I think the whole thing died a quick death but am not sure of the details.

Some of the homes in question had become almost like a fraternity house with all the people coming and going all hours of the day and night.

 

[Bill_FL]

Kathy,

First, you say this will be a conversion to 16 units? Is that its highest and best use? If so, why would you be concerned with appraising as a frat house?

 

[Kathy in FL]

Well, it's a VACANT frat house being purchased by an investor (I just got this info.) It can't really be 16 seperate units, in my opinion, because it only has ONE kitchen and the bathrooms are shared (not one in each room.)

It is more of a group home, dormy-type situation. There are, of course, NO sales. Any Gainesville or Tallahasee appraisers out there with comps? Call me!! Happy to pay!!


Kathy

 

[ChanceWarren]

Not sure if you have completed this assignment. I have just had the opportunity to read your post. I have assisted on a number of reports on Fraternity / Sorority homes over the past few years. I am also located in a small College town (Athens, GA) and should be able to produce all of the comps you should need. Please notify me if you would like.