About This Property
Residential 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
Roof
- Flat
- Shingle
Sewer
- Private Sewer
- Public Sewer
- Septic Tank
Levels
- One
Cooling
- Ceiling Fan(s)
- WallWindow Unit(s)
- Wall/Window Unit(s)
Heating
- WindowWall
- Window/Wall
Flooring
- Laminate
- Parquet
- Terrazzo
- Tile
- Vinyl
Utilities
- Cable Connected
- Electricity Connected
- Phone Connected
- Sewer Connected
- Water Connected
- Other
Appliances
- Dryer
- Electric Cooktop
- Electric Range
- Microwave
- Oven
- Refrigerator
- Washer
- Water Heater
- Other
- Cooktop
- Range
- Water Heater Owned
Possession
- Negotiable
Room Types
- Kitchen
- Living Room
- Master Bedroom
LotFeatures
- Oversized Lot
WaterSource
- Public
Lot Features
- Oversized Lot
Pets Allowed
- No Restrictions
Restrictions
- No Restrictions
Water Source
- Public
Listing Terms
- 1031 Exchange
- Cash
- Conventional
- Cryptocurrency
- Owner Will Carry
- Private Financing Available
- Trade
- Other
Structure Type
- House
ParkingFeatures
- Attached Carport
- Carport
- Covered
Pets Allowed YN
- Yes
Tax Information
- County Only
ExteriorFeatures
- Awning(s)
- Storage
- Other
InteriorFeatures
- Bedroom Layout - Split
- Storage
- Other
Main Living Area
- Entry Level
Parking Features
- Covered
- Attached Carport
- Carport
SecurityFeatures
- Smoke Detector(s)
Exterior Features
- Awning(s)
- Storage
- Other
Interior Features
- Bedroom Layout - Split
- Storage
- Other
Road Surface Type
- Asphalt
- Paved
Security Features
- Smoke Detector(s)
ArchitecturalStyle
- Contemporary
Master BedroomBath
- Bedroom On Entry Level
- Other
Property Condition
- Resale
Road Frontage Type
- City Street
Acreage Description
- 14 To Less Than 12 Acre Lot
- Less Than 1 Acre Lot
Architectural Style
- Contemporary
Road Responsibility
- Public Maintained Road
Showing Requirements
- 24 Hour Notice
- Appointment Only
- Call Listing Agent
- Listing Agent Must Accompany
- Occupied
- Schedule Online
- Text Listing Agent
Water Heater Details
- Water Heater Owned
Construction Materials
- Block
- CBS
- Concrete
- Concrete Block - With Stucco
- Stucco
SpecialListingConditions
- Standard
Leasing Permitted Details
- Okay To Lease
Special Listing Conditions
- Standard
Specifications
Property Details
Location