1725-27 Pierce Street
Covered land redevelopment opportunity with existing income in place
Marketing description
Covered land redevelopment opportunity consisting of two adjacent FH-2 lots totaling ±16,366 SF in Hollywood, Florida. The property includes five existing residential units, with four occupied units producing $6,450/month in net income and one vacant unit projected at $1,500/month, for total pro-forma net income of $7,950/month or $95,400 annually. At the $4,000,000 asking price, the property reflects an implied cap rate of ±2.39%, making it best positioned as a redevelopment site with holding income. FH-2 zoning provides a base FAR of 3.00, allowing approximately ±49,098 SF of potential buildable area, unlimited residential density, and maximum height up to 140 feet, subject to City review. Conceptual development potential includes approximately 40–55 residential units, mixed-use multifamily, boutique hotel, lodging, office, retail, restaurant, or live-work development.
Investment highlights
Covered land redevelopment opportunity with existing income in place
5 existing residential units, including 4 occupied and 1 vacant pro-forma unit
Current occupied net income: $6,450/month
Vacant unit pro-forma rent: $1,500/month
Projected total net income: $7,950/month / $95,400 annually
Implied cap rate: ±2.39% at $4,000,000 asking price
Two-lot assemblage totaling ±16,366 SF
FH-2 mixed-use zoning with base FAR of 3.00
±49,098 SF of potential buildable area
Unlimited residential density
Maximum height up to 140 feet, subject to applicable City requirements
Conceptual yield of ±40–55 residential units
Potential for mixed-use multifamily, boutique hotel, lodging, office, retail, restaurant, or live-work redevelopment
Existing income helps offset carrying costs during entitlement and site-plan process
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