12-Unit Apartment
2314 Polk Street Hollywood, FL 33020
2314 Polk Street, Hollywood, FL, 33020
$2,499,000
For Sale
$2,499,000
Twelve-unit apartment building with approved zoning for a future four-floor expansion.
Property Size7,551 SF
Price / SF$330.95
Days on Market1516
Property Features for 2314 Polk Street
General Information
- Standard status
- Active
- Size
- 7,551 SF
- Property subtype
- Commercial/Industrial / Income/Multi Family
Building Details
- Year Built
- 1972
Listing agency
Apex International Realty, LLC.
(305) 389-0473
Listed by
Carlos Azcarate · License #3241602
(305) 389-0473
Source
Compass
Added: May 28, 2022 Updated: Jul 21 at 12:15AM Checked: Jul 21 at 6:19AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Apex International Realty, LLC.
Investment Insights
Based on property information with market context.
This for-sale multifamily property is an apartment building currently configured as 12 units. The City has approved zoning for redevelopment that would allow construction of a new four-floor structure, intended to add units and support updated income potential.
The property is located at 2314 Polk Street in Hollywood, Florida, and the owner notes it is positioned close to the beach, restaurants, shops, nightlife, and highways, supporting day-to-day convenience for residents.
The remarks also include financing terms offered by the owner, with a 30% down payment and financing available through a 25-year amortized note, with a balloon payment due in five years.
The property is located at 2314 Polk Street in Hollywood, Florida, and the owner notes it is positioned close to the beach, restaurants, shops, nightlife, and highways, supporting day-to-day convenience for residents.
The remarks also include financing terms offered by the owner, with a 30% down payment and financing available through a 25-year amortized note, with a balloon payment due in five years.
Key Highlights
- 12‑unit apartment building, built in 1972
- Approved zoning by the City of Hollywood for a future 4‑floor structure expansion
- Units are currently leased 35% to 40% below market rates
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $240.1k | $31.80 |
| − Vacancy | −$11.3k | −$1.49 |
| EGI | $228.8k | $30.31 |
| − OpEx | −$103.0k | −$13.64 |
| NOI | $125.9k | $16.67 |
7,551 SF · lease $31.80/SF/yr · vacancy 4.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.80M
$1.57M – $2.10M
NOI $125,860 @ 7.0% cap · market cap 5.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.95M
$2.58M – $3.45M
NOI $206,777 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Twelve-unit apartment building with approved zoning for a future four-floor expansion.
Where is this apartment building located?
The property is located at 2314 Polk Street Hollywood, FL.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: 12‑unit apartment building, built in 1972; Approved zoning by the City of Hollywood for a future 4‑floor structure expansion; Units are currently leased 35% to 40% below market rates
