$697,5004 days on marketActive

2531 Pierce Street, Hollywood, FL

Hollywood, FL

Sq Ft

1949

Year Built

0.35 acres

Lot Size

Listing Snapshot

List Price	$697,500
Beds	0
Baths	0
Living Area	0 sqft
Lot Size	0.35 acres

Year Built	1949
Property Tax	$9,666.78/yr
MLS #	1173014396
Status	Active
Days on Market	4

About This Home

Rare opportunity to acquire income producing 3/2 home w/in-law suite & additional development capacity, walking distance from library, parks & Downtown Hollywood, at over 20% below market value. Keep the existing home & add 8 (2 bedroom) units for 9 units total. Included site plan shows layout, parking & access. Meeting with city has been held; feasibility & zoning compliance confirmed. Land comps:$50k per (mostly 1 bed) unit sold, $58k-$101k per (mostly 1 bed) unit active. 3/2 house comps:$499k-$679k active, $410k-$580k sold. Subject property: 3/2 house + 8 (2 bedroom) units buildable land; market value ~$900k. 2 bed rents:$1.8k-$2.5k/mo. 3 bed rents:$3k-$3.8k/mo. Build cost:~$1.5M. All in:~$2.2M Projected value:$3M+ = ~$1M equity. Potential ~10% cap. Opportunity zone. Seller will finance

General Features

Property Type: CommercialSale
Sub-type: MultiFamily
Stories: 1
Parking Spaces: 4
Parking: AccessibleParking,Covered
Zoning: RM-18
Security: Other,SmokeDetectors
Utilities: CableConnected,ElectricityConnected,Other,PhoneConnected,SewerConnected,WaterConnected