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About This Home
This land at 2531 Pierce Street in Hollywood, FL is listed for $697,500 (0.35 acres).
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
Key Features
- 0.35 acre lot
Location
2531 Pierce Street
Hollywood, FL 33020
HOLLYWOOD LITTLE RANCHES
Questions & Answers
This 0-bedroom, 0-bathroom land at 2531 Pierce Street is listed at $697,500. The estimated monthly payment is $3,023 based on 20% down at 6.5% interest.
Key features include: 0.35 acre lot.
This property is listed by Michael J Sheer and can be reached at 9549936664 or MikeSheerRealtor@gmail.com.
