ONE Sotheby's International Realty is pleased to present the unique opportunity to acquire a prime 0.59 acres (26,077 SF) boutique apartment development site strategically located in the heart of Hollywood. The subject site consists of a hard-to-find assemblage positioned a few blocks from Young Circle as well as the Central Business District of Hollywood. Young Circle, recognized as a major economic driver in the region, is home to an array of restaurants, boutique stores and bars.
The site has approvals for a 5-story boutique 48-unit apartment building with a highly efficient design that lowers construction costs. The proposed development has been approved for (36) 1 Bedroom 1 Bathroom units and (12) 2 Bedroom 2 Bathroom Units at an average A/C area of 794 sqft. The project features a rooftop amenity deck, as well as indoor amenities on the second floor with a tuck under parking garage.
The prospective buyer will be able to assume the approved plans and begin the permitting process. The property is currently rented month to month, therefore, providing a stream of income until construction begins in the amount of $120,000 per year. This is a unique opportunity for a buyer to enter the Hollywood market with a boutique project and deliver a residential product that is high in demand.
The area’s increasing residential appeal, combined with the city’s solid economy and favorable demographic trends, reinforces Hollywood’s status as an attractive rental market. Its strategic location between Miami and Fort Lauderdale, and the sought-after live-work-play lifestyle it offers, underscore Hollywood’s dynamic urban appeal, with Young Circle at its heart.
