Apartment Building with In-Law
For Sale
$679,850
2531 Pierce Street, Hollywood, FL
Commercial Sale, Hollywood, FL
Property Size1,785 SF
Lot Size0.35 Acres
Price / SF$380.87
Days on Market87
Property Features for 2531 Pierce Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM-18
Parking
4
Parking features
Covered
Lot features
Oversized Lot
Subdivision
3050
Standard status
Active
APN
514216015270
Size
1,785 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HOLLYWOOD LITTLE RANCHES 1-26 B LOT 13 E3/4 BLK 14
Tax Annual Amount
9667
Legal Description
HOLLYWOOD LITTLE RANCHES 1-26 B LOT 13 E3/4 BLK 14
Utilities
Sewer type
Public Sewer, Septic Tank, Private Sewer
Cooling system
Ceiling Fan(s), Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1949
Floors in Building
1
Number of units
2
Flooring type
Laminate, Vinyl, Tile, Parquet Wood, Terrazzo
Building materials
Block, CBS, Concrete, Concrete Block - With Stucco, Stucco
Roof type
Shingle, Flat
Listing Agency:
United Realty Group Inc.
(954) 450-2000
Listed By:
Michael J Sheer · License #3355952
(954) 993-6664
Added: Jun 4
Changed: Aug 19
Last Checked: Aug 29 at 8:06PM
MLS# B26036967
Copyright © 2026 BeachesMLS. 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.
This apartment building includes an existing 3-bedroom, 2-bath home with an in-law suite and room for further development on the same lot. The plan contemplates keeping the current structure in place while adding 8 additional units, for a total of 9 units, supported by an included site plan addressing parking and access.
The property sits on a 0.35-acre lot, with a recorded property size of 1,785 square feet and a year built of 1949. Zoning is RM-18. Construction materials include block and concrete block with stucco, and the roof consists of flat and shingle components. The home uses wall/window unit(s) and window unit(s) for cooling, with ceiling fans. Flooring includes parquet wood, vinyl, laminate, tile, and terrazzo. Water source is public, and sewer includes private sewer/septic tank plus public sewer. Parking is covered.
A pre-application consultation (PAC) meeting with the city has been held, and representatives from planning, zoning, engineering, landscape, fire, and other relevant disciplines confirmed the site plan is feasible and compliant with current zoning and regulations. The property is located in a Qualified Opportunity Zone. The additional 8 units are shown as approximately 760 square foot, 2-bedroom apartments.
The property sits on a 0.35-acre lot, with a recorded property size of 1,785 square feet and a year built of 1949. Zoning is RM-18. Construction materials include block and concrete block with stucco, and the roof consists of flat and shingle components. The home uses wall/window unit(s) and window unit(s) for cooling, with ceiling fans. Flooring includes parquet wood, vinyl, laminate, tile, and terrazzo. Water source is public, and sewer includes private sewer/septic tank plus public sewer. Parking is covered.
A pre-application consultation (PAC) meeting with the city has been held, and representatives from planning, zoning, engineering, landscape, fire, and other relevant disciplines confirmed the site plan is feasible and compliant with current zoning and regulations. The property is located in a Qualified Opportunity Zone. The additional 8 units are shown as approximately 760 square foot, 2-bedroom apartments.
Key Highlights
- 0.35‑acre lot with existing 1,785 SF 3/2 home plus in‑law suite
- Zoned RM‑18 and includes covered parking
- Plan supports keeping the current structure and adding 8 units for 9 total units
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
$31,982
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
4.70%
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%
$639,640
$639.6K
Cap Rate 7%
$456,886
$456.9K
Cap Rate 9%
$355,356
$355.4K
Market Conditions
NOI Build-Up for 1,785 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
$48.2K $27.00/SF
− Vacancy
−$2.5K −$1.40/SF
EGI
$45.7K $25.60/SF
− OpEx
−$13.7K −$7.68/SF
NOI
$32.0K $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%
$639,640
Cap Rate 7%
$456,886
Cap Rate 9%
$355,356
Alternative Uses
Best Use
Multifamily LT 5
$456.9K
$399.8K – $533.0K
NOI $31,982 @ 7.0% cap · market cap 4.70%
Second Best
Apartment 5plus
$425.0K
$371.9K – $495.9K
NOI $29,752 @ 7.0% cap · market cap 4.38%
Theoretical Best
Office A
$698.3K
$611.0K – $814.7K
NOI $48,880 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,376
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Apartment building in RM-18 zoning with an existing 3/2 home and in-law suite, plus development capacity for additional units.
Where is this multifamily property located?
The property is located at 2531 Pierce Street Hollywood, FL.
What is the asking price?
The asking price for this property is $679,850.
What are key features of this property?
This property features: 0.35‑acre lot with existing 1,785 SF 3/2 home plus in‑law suite; Zoned RM‑18 and includes covered parking; Plan supports keeping the current structure and adding 8 units for 9 total units
