About 2531 Pierce Street
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 30% 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.
Features of 2531 Pierce Street
| MLS® # | B26036952 |
|---|---|
| USD | $629,750 |
| CAD | $869,131 |
| CNY | 元4,227,449 |
| EUR | €541,715 |
| GBP | £465,353 |
| RUB | ₽54,583,581 |
| Bedrooms | 3 |
| Bathrooms | 2.00 |
| Full Baths | 2 |
| Square Footage | 1,440 |
| Acres | 0.35 |
| Year Built | 1949 |
| Type | Residential |
| Sub-Type | Single Family Residence |
| Restrictions | No Restrictions |
| Style | Contemporary |
| Status | Price Change |
| HOPA | No Hopa |
Community Information
| Address | 2531 Pierce Street |
|---|---|
| Area | 3050 |
| Subdivision | HOLLYWOOD LITTLE RANCHES |
| City | Hollywood |
| County | Broward |
| State | FL |
| Zip Code | 33020 |
Amenities
| Utilities | Cable Connected, Electricity Connected, Other, Phone Connected, Sewer Connected, Water Connected |
|---|---|
| Parking Spaces | 3 |
| Parking | Attached Carport, Covered, Carport |
| Is Waterfront | No |
| Has Pool | No |
| Pets Allowed | Yes, No Restrictions |
Interior
| Interior Features | Other, Bedroom Layout - Split, Storage |
|---|---|
| Appliances | Water Heater Owned, Cooktop, Dryer, Electric Range, Microwave, Oven, Other, Refrigerator, Water Heater, Washer, Electric Cooktop, Range |
| Heating | Window/Wall |
| Cooling | Ceiling Fan(s), Wall/Window Unit(s) |
| Fireplace | No |
| # of Stories | 1 |
| Stories | One |
Exterior
| Exterior Features | Awning(s), Other, Storage |
|---|---|
| Lot Description | Oversized Lot |
| Roof | Flat, Shingle |
| Construction | Block, Concrete, Stucco, CBS, Concrete Block - With Stucco |
School Information
| Elementary | Oakridge |
|---|---|
| Middle | Olsen |
| High | South Broward |