2242 Monroe Street, Hollywood, FL 33020

Property Description

We are excited to present a rare development opportunity lot in the heart of Hollywood. This DH-2 zoned site is shovel-ready, with approved plans and permits for a 4-story, 27-unit multi-family building. The project comes with approved Plans and the Permit! With conventional financing, an investor could achieve:• Equity Multiple: 1.88x;• Net Investment Return: 88%.The development plan includes:• Spacious 1, 2, and 3-bedroom units;• Rooftop deck with open-air pool;• Green space amenity with sun deck, BBQ area, and lounge zone;• Fitness center;• 34 covered parking spaces plus bicycle parking.Project and plans include 27 units total: 23 units with 1 bed/1.1 bath, 3 units with 2 bed/2 bath and 1 unit with 3 bed/3 bath.The site is just a 10-minute walk from Young Circle and an 8-minute drive to Hollywood Beach, offering excellent access to restaurants, arts, and transit.Project highlights:• Approved construction plans available;• Full geotechnical investigation completed;• Zoning and permitting confirmed for immediate build-out.Close with the permit in hand and start construction the next day! • Hollywood is booming with over $1.5B in real estate development surrounding Young Circle;• Rapidly growing rental market with new leases surpassing $3/SQFT;• New construction condo sales exceeding $700/SQFT;• Located in a well-established residential community surrounded by homes valued up to $7M+ ;• Strong local school district and family-friendly amenities;• Steady home price growth for 12 consecutive years;• With conventional financing, an investor could achieve: Equity Multiple: 1.88x & Net Investment Return: 88%;• Home values in Florida have surged by 164% over the past decade - jumping from an average of $144,464 in 2013 to $381,922 in 2023.