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Julia Ray

[email protected] +1(954) 699-0282

$697,500

Est. payment - /mo

1,440 SqFt

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Key Details

Property Type Condo

Sub Type Condominium

Listing Status Active

Purchase Type For Sale

Square Footage 1,440 sqft

Price per Sqft $484

Subdivision Hollywood Little Ranches

MLS Listing ID B26036914

Style Twin Home,Duplex

HOA Y/N No

Leases Per Year 100

Year Built 1949

Annual Tax Amount $9,666

Tax Year 2025

Lot Size 0.350 Acres

Acres 0.35

Property Sub-Type Condominium

Property 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.

Location

State FL

County Broward

Community Hollywood Little Ranches

Area 3050

Interior

Interior Features Main Living Area Entry Level

Heating Wall Furnace

Cooling Ceiling Fan(s), Wall/Window Unit(s)

Flooring Terrazzo, Tile, Vinyl

Exterior

Exterior Feature Lighting, Other, Awning(s)

Pool None

Utilities Available Cable Available, Electricity Available, Phone Available, Water Available, Sewer Available

Roof Type Composition,Flat,Shingle,Tile

Street Surface Paved

Private Pool No

Building

Lot Description <1 Acre, Oversized Lot, 1/4 to 1/2 Acre Lot

Story 1

Sewer Not Connected (at lot), Public Sewer, Other, Private Sewer, Septic Tank, Treatment Plant

Water Public

Architectural Style Twin Home, Duplex

Level or Stories One

Structure Type Block,Stucco

Schools

Elementary Schools Oakridge

Middle Schools Olsen

High Schools South Broward

Others

Pets Allowed No Pet Restrictions

Senior Community No

Restrictions No Restrictions

Tax ID 514216015270

Acceptable Financing Cash, Conventional, Cryptocurrency, 1031 Exchange, Owner May Carry, Owner May CarrySecond

Listing Terms Cash, Conventional, Cryptocurrency, 1031 Exchange, Owner May Carry, Owner May CarrySecond

Pets Allowed No Pet Restrictions

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Miami Association of Realtors (SEFMIAMI MLS)

Listed by United Realty Group Inc.

Nearby School & Business

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Julia Ray

+1(954) 699-0282

Broker | License ID: BK3433857

Broker License ID: BK3433857

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2531 Pierce ST Hollywood, FL 33020

Julia Ray

Key Details

Location

Interior

Exterior

Building

Schools

Others

Nearby School & Business

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