2531 Pierce Street, Hollywood, FL 33020

Hollywood, FL, 33020 · HOLLYWOOD LITTLE RANCHES

$697,500

3 bd · 2 ba · 1,440 sqft

2531 Pierce Street, Hollywood, FL 33020 — photo 1 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 2 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 3 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 4 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 5 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 6 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 7 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 8 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 9 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 10 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 11 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 12 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 13 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 14 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 15 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 16 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 17 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 18 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 19 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 20 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 21 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 22 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 23 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 24 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 25 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 26 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 27 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 28 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 29 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 30 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 31 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 32 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 33 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 34 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 35 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 36 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 37 of 38

2531 Pierce Street, Hollywood, FL 33020 — photo 38 of 38

1 / 38

About this home

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.

Virtual tour ↗

The community

Hollywood Little Ranches

Market stats, every listing & what homes here are worth →

Location

Map loading…

Comparable residences

1120 S 28th Avenue, Hollywood, FL 33020 — photo

$550,000

4 bd · 2 ba · 1,574 sf

1120 S 28th Avenue, Hollywood, FL 33020

Listing courtesy of Pristine Property Management

2917 Mckinley Street, Hollywood, FL 33020 — photo

$759,000

3 bd · 2 ba · 1,492 sf

2917 Mckinley Street, Hollywood, FL 33020

Listing courtesy of The Keyes Company

1700 N Park Road, Hollywood, FL 33021 — photo

$590,000

3 bd · 2 ba · 1,569 sf

1700 N Park Road, Hollywood, FL 33021

Listing courtesy of The Keyes Company

1406 Coolidge Street, Hollywood, FL 33020 — photo

$799,000

3 bd · 2 ba · 1,957 sf

1406 Coolidge Street, Hollywood, FL 33020

Listing courtesy of Avanti Way Realty LLC

4601 W Hawthorne Circle, Hollywood, FL 33021 — photo

$769,900

3 bd · 2 ba · 1,789 sf

4601 W Hawthorne Circle, Hollywood, FL 33021

Listing courtesy of Hollywood Beach Realty Inc

2418 Scott Street, Hollywood, FL 33020 — photo

$540,000

3 bd · 2 ba · 1,414 sf

2418 Scott Street, Hollywood, FL 33020

Listing courtesy of Luxury Level Realty Group, LLC.