Legal Duplex Opportunity with
For Sale
$520,000
1938 Pierce St, Hollywood, FL 33020
Residential Income, Hollywood, FL
Property Size1,049 SF
Lot Size0.13 Acres
Price / SF$495.71
Days on Market58
Property Features for 1938 Pierce St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
ND-2
Bedrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 2
Parking
2
Patio and Porch features
Porch
Exterior features
Porch
Subdivision
HOLLYWOOD
Lot features
< 1/4 Acre
Standard status
Active
APN
514215013540
Size
1,049 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
HOLLYWOOD 1-21 B LOT 25 BLK 20
Tax Annual Amount
6762
Legal Description
HOLLYWOOD 1-21 B LOT 25 BLK 20
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Wall/Window Unit(s), Window Unit(s)
Building Details
Year built
1954
Floors in Building
1
Flooring type
Wood, Hardwood
Building materials
Brick, Block
Roof type
Barrel
Listing Agency:
United Realty Group Inc
(954) 450-2000
Listed By:
Roy Sampat · License #3223569
(954) 549-4204
Added: Jul 3
Changed: Aug 28
Last Checked: Aug 29 at 7:06PM
MLS# A12044505
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Legal duplex at 1938 Pierce St, featuring a porch and brick/block construction. The property is configured as two 1-bedroom, 1-bath units that are currently rented, offering flexibility for an investor or an owner-occupant seeking supplemental rental income.
The duplex sits on a 5,454 SF lot and is zoned ND / Multifamily. The home was built in 1954 and is served by public sewer, with cable available. Cooling is provided through window and wall/window unit(s). Flooring includes wood and hardwood, and the roof is listed as barrel.
Buyers are encouraged to independently verify zoning, use, dimensions, and any future development potential before closing.
The duplex sits on a 5,454 SF lot and is zoned ND / Multifamily. The home was built in 1954 and is served by public sewer, with cable available. Cooling is provided through window and wall/window unit(s). Flooring includes wood and hardwood, and the roof is listed as barrel.
Buyers are encouraged to independently verify zoning, use, dimensions, and any future development potential before closing.
Key Highlights
- Two 1‑bedroom, 1‑bath units currently rented in a legal duplex
- 5,454 SF lot zoned ND / Multifamily
- Built in 1954 with brick and block construction
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$18,795
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.61%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$375,900
$375.9K
Cap Rate 7%
$268,500
$268.5K
Cap Rate 9%
$208,833
$208.8K
Market Conditions
NOI Build-Up for 1,049 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$28.3K $27.00/SF
− Vacancy
−$1.5K −$1.40/SF
EGI
$26.9K $25.60/SF
− OpEx
−$8.1K −$7.68/SF
NOI
$18.8K $17.92/SF
Area
Hollywood, FL
Vacancy
5.20%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$375,900
Cap Rate 7%
$268,500
Cap Rate 9%
$208,833
Alternative Uses
Best Use
Multifamily LT 5
$268.5K
$234.9K – $313.3K
NOI $18,795 @ 7.0% cap · market cap 3.61%
Second Best
Apartment 5plus
$249.8K
$218.6K – $291.4K
NOI $17,485 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$410.4K
$359.1K – $478.8K
NOI $28,726 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,547
Businesses Nearby
Explore this area
Business Placement
Demographics for 33020, FL
45,044
Population
22,508
Households
2
Avg Household Size
41
Median Age
29%
College-Educated
89%
High-School Grad
6.0 sq mi
ZIP Area
7,507
Density / Sq Mi
$52,535
Median Household Income
$32,449
Median Earnings
$1,444
Median Rent
$306,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Legal duplex on a 5,454 SF lot, zoned ND/Multifamily, with two 1-bed units currently rented.
Where is this duplex located?
The property is located at 1938 Pierce St Hollywood, FL.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bath units currently rented in a legal duplex; 5,454 SF lot zoned ND / Multifamily; Built in 1954 with brick and block construction
