Platinum Ocean Realty, LLC.
Listed by Uniconte LLC, Platinum Ocean Realty, LLC.
$2,045,000
THE ROE, 160%+ ROI & 2.6+ Equity Multiplier
Details
Property Type Land, Multifamily
Sub Type Apartment Building, Residential
Square Footage 28,744
Net Rentable (SqFt) 20,772
Units 27
Pro-Forma Cap Rate 5.00%
Pro-Forma NOI $745,305
Broker Co-Op Yes
Buildings 1
Stories 4
Lot Size (SqFt) 16,887
Zoning DH-2
Parking Spaces spaces
Sale Condition For sale by owner
160%+ ROI & 2.6+ Equity Multiplier - 2242 Monroe Development Opportunity in Hollywood, Florida
Marketing description
We are excited to present a rare development opportunity lot in the heart of Hollywood. This DH-2 zoned site is shovel-ready, with approved plans and permits for a 4-story, 27-unit multi-family building. The project comes with approved Plans and the Permit!
With conventional financing, an investor could achieve:
- Equity Multiple: 2.6+
- Gross Return: 160%+
The development plan includes:
- Spacious 1, 2, and 3-bedroom units
- Rooftop deck with open-air pool
- Green space amenity with sun deck, BBQ area, and lounge zone
- Fitness center
- 34 covered parking spaces plus bicycle parking
Project and plans include 27 units total: 23 units with 1 bed/1 bath, 3 units with 2 bed/2 bath and 1 unit with 3 bed/2 bath.
The site is just a 10-minute walk from Young Circle and an 8-minute drive to Hollywood Beach, offering excellent access to restaurants, arts, and transit.
Project highlights:
- Approved construction plans available
- Full geotechnical investigation completed
- Zoning and permitting confirmed for immediate build-out
Close with the permit in hand and start construction the next day!
Investment highlights
- Hollywood is booming with over $1.5B in real estate development surrounding Young Circle
- Rapidly growing rental market with new leases surpassing $3/SQFT
- New construction condo sales exceeding $700/SQFT
- Located in a well-established residential community surrounded by homes valued up to $7M+
- Strong local school district and family-friendly amenities
- Steady home price growth for 12 consecutive years
- With conventional financing, an investor could achieve: Equity Multiple: 2.6+ & Gross Return: 160%+
- Home values in Florida have surged by 164% over the past decade - jumping from an average of $144,464 in 2013 to $381,922 in 2023
Listing Contacts
Platinum Ocean Realty, LLC.
Listed by Uniconte LLC, Platinum Ocean Realty, LLC.
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