2531 Pierce Street, Hollywood FL 33020

Description of 2531 Pierce Street, Hollywood FL 33020

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.

Property Details for 2531 Pierce Street, Hollywood FL 33020

Pool Private

No

Direction Faces

South

Building Information for 2531 Pierce Street, Hollywood FL 33020

Building Area Units

Square Feet

Association

No

Property Information for 2531 Pierce Street, Hollywood FL 33020

Lot Features

1/4 To Less Than 1/2 Acre Lot, Less Than 1 Acre, Oversized Lot, Septic

Lot Size Square Feet

0

Waterfront

No

Frontage Length

75

View

No

Sewer

Public Sewer, Public Sanitation, Private Treatment Plant, Septic Tank, Sewer, On-Site Treatment

Water Source

Public

New Construction

No

Public Records for 2531 Pierce Street, Hollywood FL 33020

Parcel Number

514216015270

Tax Annual Amount

$9,666

Tax Year

2,025

Tax Legal Description

HOLLYWOOD LITTLE RANCHES 1-26 B LOT 13 E3/4 BLK 14

Zoning

RM-18

County Or Parish

Broward County

Schools Near 2531 Pierce Street, Hollywood FL 33020

Elementary School

Oakridge

Middle School

Olsen

High School

South Broward

School assignments are provided by the listing and should be independently verified.

Location