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Matthew Pfohl

mpfohl@activelifeproperties.com +1(561) 220-2329

$ 599,850

Est. payment | -/mo

0.35 Acres Lot

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$ 599,850

Est. payment | -/mo

Save Virtual Tour

0.35 Acres Lot

Key Details

Property Type Vacant Land

Sub Type Unimproved Land

Listing Status Active

Purchase Type For Sale

Subdivision Hollywood Little Ranches

MLS Listing ID B26036934

HOA Y/N No

Annual Tax Amount $9,666

Tax Year 2025

Lot Size 0.350 Acres

Acres 0.35

Property Sub-Type Unimproved Land

Property Description

33% OFF: Rare opportunity offers not one, but two ways to generate great returns in today's market while protecting your downside. Acquire an income producing 3/2 home (w/in-law suite) & additional development capacity, walking distance from schools, library, parks & Downtown Hollywood, at over 33% below market value. With lots of new development underway 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 (that can operate as two units: a 2/1 and a 1/1) or solely as a land play; the true value is in both. There are two development strategies. Option 1: 9-Unit Development: Keep the existing structure as a 3 bed 2 bath home while developing 8 additional approximately 760 square foot, 2-bedroom apartments on the same lot, for a total of 9 units. 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. Build cost:~$1.6M. All in:~$2.2M. Projected value:$3M+ = ~$800k instant equity. Potential ~10% cap rate. Option 2: 6-Unit Turnkey Development. Retain the existing structure, configured as two units: a 2/1 and a 1/1, and add two factory-built steel duplexes, each featuring two 3 bed 2 bath units for 6 units total. The manufacturer handles plans and permits, with the duplexes delivered and installed by crane. This streamlined, turnkey approach is designed to minimize development complexity and costs while maximizing cash flow. Build cost:~$1.1M. All in:~$1.7M. Projected value:~$2.5M = ~$600k instant equity. Potential 10%+ cap rate. You also have a third option of tearing down the existing structure and building townhomes similar to the development across the street. 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. Land buildable for three bedrooms units generally sells for more than double 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 or 4 (3 bedroom) units for buildable land; market value ~$900k. 1 bed rents: $1.6k-$1.9k/mo. 2 bed rents:$1.8k-$2.5k/mo. 3 bed rents:$3k-$3.8k/mo. 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

Area 3050

Zoning RM-18

Direction South

Interior

Interior Features InteriorFeatures

Fireplace No

Exterior

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

Water Access Desc Public

Present Use Development,Multi-Family,Single Family

Street Surface Asphalt,Paved

Road Frontage City Street

Building

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

Faces South

Sewer Public Sewer, Private Sewer, Septic Tank

Water Public

Schools

Elementary Schools Oakridge

Middle Schools Olsen

High Schools South Broward

Others

Tax ID 514216015270

Acceptable Financing Cash, Conventional, Cryptocurrency, 1031 Exchange, Owner Will Carry, Private Financing Available

Membership Fee Required false

Listing Terms Cash, Conventional, Cryptocurrency, 1031 Exchange, Owner Will Carry, Private Financing Available

Special Listing Condition Standard

Virtual Tour https://www.propertypanorama.com/2531-Pierce-Street-Hollywood-FL-33020--B26036934/unbranded

Listed by Michael J Sheer United Realty Group Inc.

Nearby Locations

We start with how you want to live, then find the home that fits.

+1(561) 220-2329

mpfohl@activelifeproperties.com

Jupiter, FL 33458, USA

2531 Pierce ST Hollywood, FL 33020

Matthew Pfohl

Key Details

Location

Interior

Exterior

Building

Schools

Others

Nearby Locations

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2531 Pierce ST