3395 2nd Av N, Palm Springs, FL

About 3395 2nd Av N

This is a wonderful opportunity to develop a housing project. Zoning is RM Multi-Family Residential (Medium Density). Currently use code is 71 The subject is an irregularly shaped lot of 3.4218 acres located on the north side of 2nd AvenueN, between Davis Road and Miller Road. The subject fronts 130 feet on 2nd Avenue N.This site features 0.5179 acres of building site and 2.9039 acres of a gravel pit currently filledwith water.The subject building was built in 1960 and contains 2,258 square feet. There are four apartments,with one 2-bedroom/2-bathroom unit and three efficiency units. Recent improvements include anew roof ($30,000) and repairs of approximately 37,0000 of remove popcorn ceiling, interiorpaint, new flooring, wall unit air conditioningunits, shutters, gutters, sprinklers. The land value is based upon the extraordinary assumption that the subject gravel pit has availability to be filled and all of the property of 3.4218 acres to be dirt and developable. Based on all the information available, after the gravel pit is filled in, the value of vacant land is significantly more than with the current improvements. So the as completed value is based on razing all improvements and marketing the entire property as vacant land. Based on availability for gravel pit to be filled and all of the property of 3.4218 acres to be dirt and developable, this would be the Highest & Best Use: Multi- Family based on resent appraisal study.