2531 Pierce Street, Hollywood FL 33020
Multi Family in Hollywood
$679,850
Listing courtesy of United Realty Group Inc.; Michael J Sheer. Information from the Southeast Florida Multiple Listing Service is deemed reliable but is not guaranteed accurate.
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Multi Family, Commercial Sale
Details
Overview
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 20% 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.
This multi family home located at 2531 Pierce Street, Hollywood FL 33020 is currently for sale and has been available on Brickellsold for 54 days. This property is listed at $680K. It has N/A beds, N/A bathrooms, and is N/A square feet. It was built in 1949. 2531 Pierce Street, Hollywood FL 33020 is in Hollywood county Broward County.
Interior
- Flooring: Parquet, Terrazzo, Tile, Vinyl
- Common walls with other units/homes:
Property
- Parking Features: Awning,Covered
- Entry location:
- Exterior Features:
- View Description:
Construction
- Year Built: 1949
Community & HOA
- Security Features: Other Fire Protection, Smoke Alarm, Smoke Detector(s), Smoke Detector, Other
- Amenities:
Financial
Metadata
Neighborhood Insights
School and crime data are from public sources and are informational only.
Nearby Schools
Within 5 miles
- Aventura Waterways K-8 Center • 0.0 mi • K-12
- Dr. Michael M. Krop Senior High • 0.0 mi • K-12
- iPrep Academy North • 0.0 mi • K-12
- Virginia A. Boone/Highland Oaks Elementary • 0.0 mi • K-12
- Madie Ives K-8 Preparatory Academy • 0.0 mi • K-12
- Highland Oaks Middle • 0.0 mi • K-12
Nearby Hospitals
Within 3 miles
No nearby hospitals found.
Crime Overview
Crime data unavailable for this area.