Price Reduced Listing2531 Pierce Street,Hollywood, FL 33020
Hollywood, FL 33020
Description
Rare opportunity to acquire an income producing 3/2 home (w/in-law suite) & additional development capacity, walking distance from schools, library, parks & Downtown Hollywood, at over 30% below market value. Lots of new development nearby. Investors & developers have increasingly turned their attention to this area, recognizing its long term potential. This property should not be viewed solely as a single family home or solely as a land play; the true value is in both. The existing 3 bedroom 2 bathroom home can remain in place and continue generating income while 8 additional units are developed on the same lot, for a total of 9 units, without tearing down the current structure. All of the additional 8 units can be ~760 square foot 2 bedroom apartments. The included site plan shows viable layout, parking & access. A formal Pre-Application Consultation (PAC) meeting with the city has been held; representatives from every relevant discipline were present (planning, zoning, engineering, landscape, fire, etc) and they confirmed the site plan is feasible & compliant with current zoning & regulations. Sold land comps: $50k per (mostly 1 bedroom) unit. Active land comps: $58k-$101k per (mostly 1 bedroom) unit. Two bedroom units generally rent for around 30% more than one bedroom units; land buildable for two bedroom units is generally valued around 30% more than land buildable for one bedroom units. 3/2 house comps: $499k-$679k active, $410k-$580k sold. Subject property is a 3/2 house + 8 (2 bedroom) units of buildable land; market value ~$900k. 2 bed rents:$1.8k-$2.5k/mo. 3 bed rents:$3k-$3.8k/mo. Build cost:~$1.3M-$1.5M. All in:~$2M. Projected value:$3M+ = ~$1M instant equity. Potential ~10% cap. Seller will finance. Property is in a Qualified Opportunity Zone, which offers the potential for major tax benefits including deferring taxes, reducing capital gains taxes, and potentially paying no tax at all on the profit when you sell the property; consult tax professional for details and eligibility. See photos & attachments for details on location, plans, and comps. Call listing agent for more information.
Details
| MLS # | B26036952 |
|---|---|
| Listing Type | For Sale |
| Style | House |
| Sub-Type | Resale |
| Status | Active |
| Year | 1949 |
| Days On Site | 98 |
| Listing Provided By | United Realty Group Inc. | Michael J Sheer |
Features
| Bed(s) | 3 |
|---|---|
| Bath(s) | 2 Total |
| SQ Feet | 1,440 |
| Car Port | Yes |
| Story(s) | 1 |
| Zoning | RM-18 |
| Acreage | 0.35 |
Exterior
| Lot Features | Oversized Lot, Quarter To Half Acre Lot |
|---|
Parking
| Garage Yes / No | No |
|---|---|
| Parking Features | Attached Carport, Covered, Carport |
Taxes
| Tax Annual Amount | 9666.78 |
|---|
Area Information
| State | FL |
|---|---|
| County | Broward |
| City | Hollywood |
| Zip Code | 33020 |
| Area | 3050 |
| Subarea | HWEA Hollywood East (3010 3050) |
| Community Name | HOLLYWOOD LITTLE RANCHES |
| Listing VS Median (in HOLLYWOOD LITTLE RANCHES) | |
Price: $629,750 low | high Med: $3,500 sqft: 1,440 low | high Med: 1,488 $ / sqft: $437 low | high Med: $2 On site: 98 low | high Med: 6 | |
Market Activity 33020
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Learn More About This Property
| State | FL |
|---|---|
| County | Broward |
| City | Hollywood |
| Zip Code | 33020 |
| Area | 3050 |
| Subarea | HWEA Hollywood East (3010 3050) |
| Community Name | HOLLYWOOD LITTLE RANCHES |
| Listing VS Median (in HOLLYWOOD LITTLE RANCHES) | |
Price: $629,750 low | high Med: $3,500 sqft: 1,440 low | high Med: 1,488 $ / sqft: $437 low | high Med: $2 On site: 98 low | high Med: 6 | |
