2531 Pierce Street
Hollywood, FL 33020
3
Bedrooms
2
Bathrooms
1,440
Sq Ft
1949
Year Built
About This Property
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.
Property Details
Property Type
Single Family
Year Built
1949
Lot Size
15,393 sq ft
HOA
None
Listed Price
$629,750
Owner Financing Terms
Why Owner Financing?
- ✓ No bank qualifying
- ✓ Bad credit OK
- ✓ Fast closing
- ✓ Flexible terms
Free account - No credit card required
Frequently Asked Questions About Owner Financing in Hollywood
What is owner financing for 2531 Pierce Street?
Owner financing means the seller of 2531 Pierce Street acts as the lender. Instead of getting a mortgage from a bank, you make monthly payments directly to the property owner. This property in Hollywood, FL is available with owner financing terms.
Do I need good credit for owner financing?
No! One of the biggest advantages of owner financing is that you typically don't need to qualify through a bank. This makes it possible to buy a home even with bad credit, no credit history, or self-employment income that's hard to document.
How much is the down payment for this Hollywood home?
Down payment terms are negotiable. Sign up for free to get the specific financing details for this Hollywood property.