1841 Mayo St Hollywood, FL 33020

Property Details for 1841 Mayo St

Property type

Commercial real estate

Description

Prime Hollywood, Florida development opportunity awaits with this combined offering of two lots at 1841 and 1847 Mayo Street, totaling 16,377 square feet. Currently zoned for high-intensity multi-family use, this property presents a unique chance to create a lucrative rental complex. The site plan is in the development phase, allowing for significant flexibility in design and construction. The zoning permits the construction of up to 42 one-bedroom units or a mixed-use complex of up to 32 units, incorporating studios, one-bedroom, and two-bedroom apartments. This presents a substantial opportunity to capitalize on the high demand for rental properties in this rapidly growing market. Currently, the property generates a monthly rental income of $1500 per existing home, significantly below market value, indicating substantial potential for increased revenue upon redevelopment. The existing month-to-month tenants provide immediate cash flow while development plans are finalized. This exceptional property is offered at $1,650,000 and represents a compelling investment prospect for savvy developers seeking to establish a high-yield rental portfolio in a thriving South Florida location. The property's location in Broward County, Florida, within the vibrant city of Hollywood, ensures easy access to major transportation routes, amenities, and a strong rental market.

Location Insight

City

Hollywood

County

Broward

State

Florida

Longitude

-80.1440141

Latitude

25.9987417