SHORT-SALE / PROFORMA 10-11% CAP RATE!
Downtown Redevelopment | Build 2 Homes | 16,030 SF Corner Lot | Existing 5br/4ba SFH Rented
Marketing description
APPROVED SHORT-SALE! PROFORMA 10-11% CAP RATE! Downtown Delray builder special! 16,030sf CORNER LOT (140ftx114ft). Great opportunity! New construction around! Existing singe-family home situated on enormous lot and features main house with 3br/2ba, garage and two additional efficiency/studio units. Potential options: 1) Redevelopment opportunity: build 1 or 2 homes; each house could have large 8,000sf+/- lots 2) Add/build ADU, 3) Combine house into large interior space to create one large home 4) Rehab & maintain same floor plan then rent out all 3 spaces; PROFORMA 10-11% CAP RATE! Excellent location near Swinton Ave; ~1 mile to the beach. Spacious yard. Walk to Swinton/Atlantic Ave, downtown! No HOA! Short-term rental potential! Located in Opportunity Zone and Delray Beach CRA District!
Investment highlights
BUILDER SPECIAL! DOWNTOWN DELRAY BUILDER SPECIAL! BUILD TWO HOMES ON 16,030sf CORNER LOT (APPROX 140ft X 114ft). EACH HOUSE WOULD BE ON ~7,000-8,000sf+ lots! Incredible Opportunity, new construction all around! Downtown Delray Singe-Family Home on enormous lot. Existing main house has 3br, 2ba plus two efficiencies. Combine house into large interior space to create one larger home or maintain 3 nonconforming units. Currently rented MTM. Redevelopment opportunity or add 2nd home accessory (ADU)! Excellent location next to South Swinton Ave ~1 mile to the beach. Spacious yard. Walk to Atlantic Ave, shops and everything downtown Delray has to offer! No HOA! No restrictions! Airbnb/seasonal potential for high ROI. Property is located in Opportunity Zone & Delray Beach CRA district!
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