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.
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| Name | Address | Type | # of Students | Grades | Distance |
|---|---|---|---|---|---|
| Beachside Montessori Village | 2230 LINCOLN ST | public | 793 | PK - 8 | 0.38 mi |
| Sunshine Elementary Charter School | 502 N 28TH AVE | public | 229 | KG - 5 | 0.43 mi |
| Ben Gamla Charter School | 2620 HOLLYWOOD BLVD | public | 353 | KG - 8 | 0.44 mi |
| Ben Gamla Charter School North Campus | 2620 HOLLYWOOD BLVD | public | 292 | KG - 8 | 0.45 mi |
| Guidepost Montesorri Academy | 2230 HOLLYWOOD BLVD | private | 190 | PK - 12 | 0.52 mi |
| Jewish Cooperative School | 2751 VAN BUREN ST | private | 89 | PK - 5 | 0.52 mi |
| Guidepost Montessori At Hollywood Beach | 2230 HOLLYWOOD BLVD | private | 208 | PK - 12 | 0.52 mi |
| Oakridge Elementary School | 1507 N 28TH AVE | public | 449 | PK - 5 | 0.61 mi |
| Grace And Faith International Academy | 2835 MADISON ST | private | 48 | PK - 12 | 0.78 mi |
| Little Flower Catholic School | 1843 PIERCE ST | private | 123 | PK - 8 | 0.89 mi |
| Avant Garde Academy K-5 Broward | 2025 MCKINLEY ST | public | 1025 | KG - 5 | 0.9 mi |
| Colbert Elementary School | 2701 PLUNKETT ST | public | 611 | PK - 5 | 1.08 mi |
| Hollywood Academy Of Arts & Science | 1705 VAN BUREN ST | public | 1139 | KG - 5 | 1.11 mi |
| Hollywood Central Elementary School | 1700 MONROE ST | public | 351 | PK - 5 | 1.2 mi |
| Sunshine State Academy | 1308 S FEDERAL HWY | private | 102 | PK - 3 | 1.46 mi |
| Hollywood Hills Elementary School | 3501 TAFT ST | public | 699 | PK - 5 | 1.5 mi |
| Lanier-james Education Center | 1050 NW 7TH CT | public | 131 | 1 - 12 | 1.62 mi |
| South Broward Montessori Charter School | 520 NW 5TH ST | public | 167 | KG - 5 | 1.77 mi |
| Sheridan Hills Christian School | 3751 SHERIDAN ST | private | 395 | PK - 12 | 1.83 mi |
| Mary M Bethune Elementary School | 2400 MEADE ST | public | 413 | PK - 5 | 1.93 mi |
| Bridgeprep Academy Of Hollywood Hills | 1400 N 46 AVE | public | 352 | KG - 5 | 2 mi |
| Bridgeprep Academy Of Broward K-8 | 1400 N. 46 AVENUE | public | 101 | KG - 8 | 2.01 mi |
| Orange Brook Elementary School | 715 S 46TH AVE | public | 679 | PK - 5 | 2.02 mi |
| Sharon School Of Excellence | 27 NW 3RD AVE | private | 58 | PK - 11 | 2.13 mi |
| Championship Academy Of Distinction At Hollywood | 1100 HILLCREST DR | public | 327 | KG - 5 | 2.23 mi |
| Dania Elementary School | 300 SE 2ND AVE | public | 414 | PK - 5 | 2.33 mi |
| Nativity Catholic School | 5200 JOHNSON ST | private | 666 | PK - 8 | 2.36 mi |
| Harvard International Academy | 3260 STIRLING RD STE B | private | 88 | 2 - 12 | 2.39 mi |
| Sheridan Hills Elementary School | 5001 THOMAS ST | public | 464 | PK - 5 | 2.45 mi |
| Aukela Christian Military Academy | 2201 SW 42ND AVE | private | 62 | PK - 12 | 2.46 mi |
| Jewish Academy | 5100 SHERIDAN ST | private | 206 | PK - 8 | 2.56 mi |
| Gulfstream Academy Of Hallandale Beach | 1000 S W 3RD ST | public | 1317 | PK - 8 | 2.7 mi |
| Learning Academy | 715 SE 1ST AVE | private | 79 | PK - 6 | 2.77 mi |
| Collins Elementary School | 1050 NW 2ND ST | public | 307 | PK - 5 | 2.82 mi |
| Hochberg Preparatory School | 412 SW 11TH ST | private | 200 | PK - 5 | 2.89 mi |
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