12
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$1,875,000
Est. payment /mo
5,613 SqFt
New
1948 Buchanan ST Hollywood, FL
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Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,613 sqft
Price per Sqft $334
MLS Listing ID B26034874
Construction Status Resale
HOA Y/N No
Year Built 1964
Annual Tax Amount $34,976
Tax Year 2026
Lot Size 0.350 Acres
Acres 0.35
Property Sub-Type Multi Family
Property Description
The Buchanan St / N 20th Ave assemblage presents a rare East Hollywood Mid-Core opportunity combining durable in-place income, attractive seller financing, and meaningful long-term redevelopment potential. The portfolio consists of 1948, 1952 Buchanan Street, & 615 N 20th Ave, totaling 9 units with a rear gated parking area in one of Hollywood's most dynamic redevelopment corridors. As currently improved, the asset generates immediate cash flow with an estimated 5% cap rate. Further enhancing the investment opportunity, the seller is willing to provide purchase money financing with as little as 40% down and a below-market interest rate. Beyond the existing income stream, the property's greatest value may lie in its redevelopment potential of 29-32 Unit subject to zoning and site approval. Executive Summary The Buchanan Street / North 20th Avenue assemblage presents a rare East Hollywood Mid-Core opportunity combining durable in-place income, attractive seller financing, and meaningful long-term redevelopment potential. The portfolio consists of 1948 Buchanan Street, 1952 Buchanan Street, and 615 North 20th Avenue, totaling nine residential units with a rear gated parking area in one of Hollywood's most dynamic redevelopment corridors. As currently improved, the asset generates immediate cash flow with an estimated 5% capitalization rate, providing investors with stable income from day one while preserving the flexibility to pursue future redevelopment. Unlike traditional development sites that often require carrying costs without income, this assemblage allows investors to collect revenue while planning and entitling a higher-density project. Further enhancing the investment opportunity, the seller is willing to provide purchase money financing with as little as 40% down and a below-market interest rate. This structure significantly reduces the purchaser's upfront equity requirement, improves cash-on-cash returns, and creates positive leverage that may outperform conventional financing alternatives. In today's lending environment, access to favorable seller financing represents a substantial economic advantage and may allow investors to achieve enhanced returns while preserving capital for future improvements or development activities. Beyond the existing income stream, the property's greatest value may lie in its redevelopment potential. Based upon preliminary planning assumptions, the assemblage may support a future residential development program of approximately 29 to 32 units, subject to zoning verification, site planning, parking requirements, utility capacity, and municipal approvals. The combination of existing income, assembled land area, and redevelopment flexibility creates a compelling covered-land investment strategy. Investment Highlights Current Yield Strategy Nine-unit multifamily assemblage with immediate income. Estimated 5% in-place capitalization rate. Rear gated parking area providing operational flexibility and tenant appeal. Potential for continued rental growth through proactive asset management. Enhanced Returns Through Seller Financing Seller willing to hold a purchase money mortgage. Approximately 40% down payment requirement. Below-market interest rate. Improved cash-on-cash returns and reduced equity exposure. Ability to preserve capital for future value-add improvements or redevelopment planning. Future Development Opportunity Preliminary redevelopment potential of approximately 29 to 32 residential units. Located within a rapidly evolving East Hollywood corridor benefiting from continued investment and redevelopment activity. Opportunity to create substantial land value through future entitlement and development. Existing income stream helps offset carrying costs during the planning and entitlement process. The Buchanan Street assemblage is therefore positioned as more than a traditional multifamily acquisition. It is a strategic Mid-Core investment offering three distinct value drivers: immediate cash flow, favorable seller financing, and long-term redevelopment optionality. Few opportunities offer investors the ability to generate current income, enhance returns through attractive financing terms, and maintain control of a site with meaningful future development potential.
Location
State FL
County Broward
Area 3050
Zoning DH-2
Interior
Interior Features InteriorFeatures
Heating Central, Individual, Wall Furnace
Cooling Central Air, Wall/Window Unit(s)
Flooring Ceramic Tile
Fireplace No
Exterior
Fence Fenced, Front Yard, Gate
Utilities Available Cable Available, Electricity Connected, Sewer Connected, Water Connected
Water Access Desc Public
Roof Type Shingle
Street Surface Alley Paved,Asphalt
Accessibility None
Road Frontage City Street
Total Parking Spaces 13
Building
Lot Description 1/4 to 1/2 Acre Lot
Story 1
Sewer Public Sewer
Water Public
Structure Type Stucco
New Construction No
Construction Status Resale
Others
Tax ID 514215013350
Security Features None
Acceptable Financing Owner Will Carry
Listing Terms Owner Will Carry
Special Listing Condition Standard, Listed As-Is
Virtual Tour https://www.propertypanorama.com/1948-Buchanan-Street-Hollywood-FL/unbranded
Listed by Peter Dacko III Media Realty
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