u/Alternative-Town8381

My grandpa announced to our family that he will inherit me the most expensive land lot he currently owns around $1M (200 m^2 or 54000 sq ft or 0.05 Acres)

The lot sits in between 3 story buildings , one is a family house the other is a rental.

For traditional reasons I’m unable to sell the land as it was preserved and saved for me for over 50 years .

Long term in 20 years I’m able to do as I see fit , the traditional obligation comes only as a starter type of thing .

Now couple things to know :

Neighbors are all middle to high class people , I’d assume the average income in that neighborhood is close to $10k/m (just based on me knowing some of the main people there )

There are no lands left in the street besides my grandpa’s and there are around 6-7 land lots in the general area of the neighborhood.

City permits up to 5 story building , if more i need to submit paper works and such and the max is probably 7-8 stories .

- I’m 27 , single , software engineer , currently in my last university semester, will start looking for a job after i graduate

- i was thinking of building 3 story building , lease/rent 4 small studios .

- average rent at neighborhood is $1000, (since i only have 200m^2 I’m assuming its gonna be a bit less but in that range)

- i’m from the middle east / there is no property taxes besides a small yearly fee i have to pay (500$)

I’m interested in maximizing my value , would love some ideas !

My grandpa is planning on giving me one of his old lots ,
For full disclosure he still has not given it but has announced it in the family and we will attend the lawyer next week .

The lot is located in the most sought after neighborhood in my small town , there is very high demand in a way that any lot practically sells in less than a month in the neighborhood and there is not much anymore.

Now the main issue is that I cannot sell it , my family believes in giving land lots to build personal houses as a family tradition, this specific land lot has been in the family for over 50 years just preserved to be given.

I was thinking of building a 3 stories building apartments and getting the top one for myself while leasing the other two .

For more context:
- Land lot worth around $1M by market value
- lot is 500m^3 (parking for 2 cars exist in addition to it )
- I’m not American / this is not in the us .
- I come from middle class family, so my parents may be able to help but to some extent
- I’m 27 and single (just for context)

Would appreciate some advice how to deal with this and whats the best path to maximize my revenue