3395 2 Ave Palm Springs, FL 33461
- Commercial real estate
- 2,258 SF
Current Use by Public Records
- Commercial real estate
Property Details for 3395 2 Ave
- Year built
- 1960
- Property size
- 2,258 SF
- Property type
- Commercial real estate
Description
This exceptional 3.4218-acre property in Palm Springs, Florida, presents a unique development opportunity. Located on the north side of 2nd Avenue N, between Davis Road and Miller Road, the site boasts 130 feet of frontage. Currently featuring a 2,258 square foot building with four apartments (one 2-bedroom/2-bathroom unit and three efficiencies), recent improvements include a new roof, paint, flooring, AC units, shutters, gutters, and sprinklers. However, the highest and best use, based on a recent appraisal study assuming the filled gravel pit is developable, is multi-family residential. The property includes a 0.5179-acre building site and a 2.9039-acre gravel pit currently filled with water. Zoned RM Multi-Family Residential (Medium Density), this property offers significant potential for redevelopment. The asking price is $1,099,999. The existing building was constructed in 1960. The land value is predicated on the assumption that the gravel pit can be filled, making the entire 3.4218 acres developable. This assumption underpins the as-completed value, which is based on demolishing existing structures and marketing the land as vacant. This presents a compelling investment opportunity for developers seeking to capitalize on the high demand for multi-family housing in this desirable location. The property's address is 3395 2nd Avenue N, Palm Springs, FL 33461.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Palm Springs
- County
- Palm Beach
- State
- Florida
- Longitude
- -80.0960326
- Latitude
- 26.6198752
