About This Property
Land & Docks in Hollywood
This is how 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 (the right to build 8 more units), 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.
Features & Amenities
Property Highlights
Sewer
- Private Sewer
- Public Sewer
- Septic Tank
Utilities
- Cable Connected
- Electricity Connected
- Phone Connected
- Sewer Connected
- Water Connected
- Other
Possession
- Negotiable
Current Use
- Development
- Multi-Family
- Single Family
LotFeatures
- Oversized Lot
WaterSource
- Public
Lot Features
- Oversized Lot
Possible Use
- Multi-Family
- Single Family
Water Source
- Public
Listing Terms
- 1031 Exchange
- Cash
- Conventional
- Cryptocurrency
- Owner Will Carry
- Private Financing Available
Income Includes
- Other
Tax Information
- County Only
Deed Restrictions
- None
Irrigation Source
- Municipal Water
Road Surface Type
- Asphalt
- Paved
Development Status
- Proposed
- Other
Road Frontage Type
- City Street
Source Of Expenses
- Owner Provided
Zoning Information
- Use Conforms To Zoning
Acreage Description
- 14 To Less Than 12 Acre Lot
- Less Than 1 Acre Lot
Documents Available
- Building Plan
- Plans
- Survey
- Title Insurance
- Other
Environmental Audit
- None
Road Responsibility
- Public Maintained Road
Showing Requirements
- 24 Hour Notice
- Appointment Only
- Call Listing Agent
- Listing Agent Must Accompany
- Schedule Online
- Text Listing Agent
Elevation Description
- 0-5 Feet Above Sea Level
SpecialListingConditions
- Standard
Special Listing Conditions
- Standard
Specifications
Property Details
Location