$599,850

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… Read More 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. Read Less

Courtesy of United Realty Group Inc. 954-450-2000

Listing Snapshot

Days Online

150

Last Updated

Nov 1, 2026

Property Type

Multi Family

Square Ft.

1,785

Lot Size

0.35 Acres

Year Built

1949

MLS Number

B26036967

Additional Details

Property Access

Frontage Type: City Street, Road Responsibility: Public Maintained Road, Road Surface: Asphalt, Paved

Building

Built in 1949, 1 storey, Construction Materials: Block, CBS, Concrete, Concrete Block - With Stucco, Stucco

Cooling

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

Expenses

Insurance: $3,226, Other Expense: $4,320

Floors

Laminate, Parquet, Terrazzo, Tile, Vinyl

Heating

Window/Wall

Income

Gross Income: $37,344, Gross ScheduledIncome: $37,344, Net Operating Income: $20,131

Lot

0.35 acres, Oversized Lot

Parking

4 total parking spaces, Covered, Accessible Parking

Roof

Flat, Shingle

Security Features

Smoke Detector(s)

Sewer

Private Sewer, Public Sewer, Septic Tank

Taxes

Parcel Number: 514216015270, Annual Amount: $9,666.78, Assessed Value: $360,980, Legal Description: HOLLYWOOD LITTLE RANCHES 1-26 B LOT 13 E3/4 BLK 14, Year: 2025, Zoning: RM-18

Utilities

Cable Connected, Electricity Connected, Phone Connected, Sewer Connected, Water Connected, Water Source: Public

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