Building Details

Year Built 1994

Listing Agency: Fausto Commercial Realty Consultants Inc

Listed By: Elior Levi · License #3574869 Show Phone

Source: Compass

Added: Feb 2, 2024 Changed: Oct 13 Last Checked: Oct 16 at 10:36AM

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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 Fausto Commercial Realty Consultants Inc

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Investment Insights

Based on property information with market context.

Located at 451 South 19th Avenue in Hollywood, this 8-unit apartment building contains seven one-bedroom, one-bath units and one two-bedroom, one-bath unit. The property was constructed in 1994 and is fully occupied. Individual central AC systems, separate electric meters, and impact windows serve the units, while 11 assigned parking spaces support residents.

The building is positioned steps from Young Circle and downtown Hollywood, placing the property within the immediate area’s established residential and commercial setting. PS-3 zoning allows development up to 10 stories, providing a defined land-use framework for the existing multifamily asset.

Key Highlights

• 8 units: seven 1‑bed/1‑bath apartments and one 2‑bed/1‑bath apartment
• Currently fully occupied
• 11 assigned parking spaces

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$83,190

Cap Rate

3.62%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,663,800 $1.7M

Cap Rate 7%

$1,188,429 $1.2M

Cap Rate 9%

$924,333 $924.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,991 SF

Gross rent

$158.7K $31.80/SF

− Vacancy

−$7.5K −$1.49/SF

EGI

$151.3K $30.31/SF

− OpEx

−$68.1K −$13.64/SF

NOI

$83.2K $16.67/SF

Area

Hollywood, FL

Vacancy

4.70%

Lease Rate

$31.80 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,663,800

Cap Rate 7%

$1,188,429

Cap Rate 9%

$924,333

Alternative Uses

Best Use

Apartment 5plus

$1.19M

$1.04M – $1.39M (±1% cap)

NOI $83,190 @ 7.0% cap · market cap 3.62%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.95M

$1.71M – $2.28M (±1% cap)

NOI $136,674 @ 7.0% cap · market cap 5.94%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Veterinary Clinic Barber Shop Restaurant Clothing & Fashion Store Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

3,522

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully occupied multifamily property with individually metered electricity, central air conditioning, impact windows, and assigned parking.

Where is this apartment building located?

The property is located at 451 South 19th Avenue Hollywood, FL.

What is the asking price?

The asking price for this property is $2,300,000.

What are key features of this property?

This property features: 8 units: seven 1‑bed/1‑bath apartments and one 2‑bed/1‑bath apartment; Currently fully occupied; 11 assigned parking spaces