2531 Pierce ST, Hollywood, FL 33020
2531 Pierce ST, Hollywood, FL 33020
2531 Pierce ST, Hollywood, FL 33020
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$629,750
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0.35 Acres Lot
Active

2531 Pierce ST Hollywood, FL 33020

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Tiffany L. Arthur

Tiffany L. Arthur

+1(561) 372-8383

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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

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.

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

BeachesMLS, Inc. (FLR) IDX
Listed by Michael J Sheer United Realty Group Inc.

NEARBY SCHOOL & BUSINESS

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Tiffany L. Arthur

Tiffany L. Arthur

Agent License ID: 3087333

+1(561) 372-8383

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2531 Pierce ST