Listed by United Realty Group Inc., United Realty Group Inc
$697,500
2531 Pierce Street
Details
APN 514216015270
Property Type Multifamily
Sub Type Apartment Building, Duplex/Triplex/Quadruplex
Square Footage 1,785
NOI $20,131
Year Built 1949
Acreage 0.350
Zoning RM-18
Parking Spaces 4 spaces
Parking Per SqFt 2.24
Multifamily
Marketing description
Rare opportunity to acquire income producing 3/2 home w/in-law suite & additional development capacity, walking distance from library, parks & Downtown Hollywood, at over 20% below market value. Keep the existing home & add 8 (2 bedroom) units for 9 units total. Included site plan shows layout, parking & access. Meeting with city has been held; feasibility & zoning compliance confirmed. Land comps:$50k per (mostly 1 bed) unit sold, $58k-$101k per (mostly 1 bed) unit active. 3/2 house comps:$499k-$679k active, $410k-$580k sold. Subject property: 3/2 house + 8 (2 bedroom) units buildable land; market value ~$900k. 2 bed rents:$1.8k-$2.5k/mo. 3 bed rents:$3k-$3.8k/mo. Build cost:~$1.5M. All in:~$2.2M Projected value:$3M+ = ~$1M equity. Potential ~10% cap. Opportunity zone. Seller will finance
Listing Contacts
Listed by United Realty Group Inc., United Realty Group Inc
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$20,131.00
$1,677.58/mo
Valuation Metrics
0
DSCR
2.89%
Cap Rate
2.89%
ROI
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