5709 Mckinley St Hollywood, FL 33021

Property Details for 5709 Mckinley St

Year built

1951

Property type

Commercial real estate

Description

This exceptional investment opportunity in Hollywood, Florida, presents approved plans for four expansive 2,500 sq ft townhomes on a 0.28-acre lot. The property, located at 5709 McKinley St, 33021, is zoned RM-9 and features an existing four-bedroom house with a Florida room and large yard, providing immediate income potential while development plans are finalized. The strategic location near US 441 and the Hard Rock Hotel offers unparalleled access to thriving retail and entertainment venues, maximizing rental income potential in a high-demand market. The property boasts a 6.50% cap rate and an asking price of $695,746. Approved plans expedite construction, minimizing delays and maximizing returns in a market experiencing a housing shortage. The existing structure, combined with the approved townhome plans, presents a unique opportunity to generate immediate income while developing a high-value multifamily property. This Class A multifamily investment is situated in Broward County, offering proximity to major highways (I-95 and the Florida Turnpike), Fort Lauderdale-Hollywood International Airport, and numerous retail centers, including Sheridan Plaza and a Walmart Supercenter. The surrounding area showcases active development, including Dania Pointe and the upcoming Dolce Hotel, further solidifying Hollywood's position as a prime investment destination in South Florida. This is a rare chance to capitalize on a thriving rental market and a strategic location in a high-growth area. The property was built in 1951.