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Michael Kessler

mike@gowithkessler.com +1(561) 420-4449

Est. payment | -/mo

1,440 SqFt

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Est. payment | -/mo

Save Virtual Tour

1,440 SqFt

Key Details

Property Type Multi-Family

Sub Type Duplex

Listing Status Active

Purchase Type For Sale

Square Footage 1,440 sqft

Subdivision Hollywood Little Ranches

MLS Listing ID B26036914

HOA Y/N No

Year Built 1949

Annual Tax Amount $9,666

Tax Year 2025

Lot Size 0.350 Acres

Acres 0.35

Lot Dimensions 75 feet wide x 206 feet deep

Property Sub-Type Duplex

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

Interior

Heating Wall Furnace

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

Flooring Terrazzo, Tile, Vinyl

Fireplace No

Exterior

Exterior Feature Awning(s), Lighting, Other, Storage

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

Water Access Desc Public

Roof Type Flat,Shingle

Street Surface Asphalt,Paved

Accessibility None

Road Frontage City Street

Total Parking Spaces 4

Private Pool No

Building

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

Dwelling Type Duplex,House,Multi Family

Story 1

Sewer Public Sewer, Private Sewer, Septic Tank

Water Public

Schools

Elementary Schools Oakridge

Middle Schools Olsen

High Schools South Broward

Others

Pets Allowed Yes

Senior Community No

Restrictions No Restrictions,OK To Lease

Tax ID 514216015270

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

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

Special Listing Condition Standard

Pets Allowed No Pet Restrictions, Yes

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

Listed by Michael J Sheer United Realty Group Inc.

NEARBY SCHOOLS & PROPERTIES

Michael Kessler

Agent License ID: 3253539

+1(561) 420-4449 | mike@gowithkessler.com

2531 Pierce ST Hollywood, FL 33020

Michael Kessler

Key Details

Location

Interior

Exterior

Building

Schools

Others

NEARBY SCHOOLS & PROPERTIES

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2531 Pierce ST

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