3395 2 AvePalm Springs, FL 33461

Property Details for 3395 2 Ave

Year built

1960

Property size (Sq ft)

2,258 SF

Property type

Specialty properties

Description

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.

Location Insight

City

Palm Springs

County

Palm Beach

State

Florida

Latitude

26.6199

Longitude

-80.096

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