For Sale
$1,099,999

3395 2 AvePalm Springs, FL 33461

3.42 Acres, Multi-Family Potential

Overview

Added:
Dec 11, 2024
Days on market:
113
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.

Highlights

  • 3.42-acre development site in Palm Springs, FL, zoned RM Multi-Family (Medium Density).
  • 130 feet of frontage on 2nd Avenue N, between Davis and Miller Roads.
  • Existing 2,258 sq ft building with four apartments (one 2/2, three efficiencies); recent renovations include roof, paint, flooring, AC, shutters, gutters, and sprinklers.
  • Highest and best use: multi-family residential development (assuming filled gravel pit is developable).
  • Includes 0.5179-acre building site and 2.9039-acre filled gravel pit.
  • Asking price: $1,099,999.

Property Details for 3395 2 Ave

Property type
Specialty properties
Square Feet
2,258 SF
Year Built
1960
Units
1

Location Insight

City
Palm Springs
County
Palm Beach
State
Florida
Latitude
26.6198752
Longitude
-80.0960326
3395 2 Ave, Palm Springs, Florida

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3395 2 Ave
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