Renovated Corner Lot
For Sale
Contact for pricing
1625 Cleveland Street, Hollywood, FL 33020
Renovated triplex with impact windows, tiled flooring, and private patios, currently operated as licensed short-term rentals.
Property Size2,475 SF
Price / SF$383.84
Days on Market173
Property Features for 1625 Cleveland Street
General Information
Standard status
Active
Size
2,475 SF
Total Parking Spaces
7
Property subtype
Multifamily
Zoning
RM-12
Net Operating Income
$40,000
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
3
Building Details
Year Built
1953
Units
3
Tenancy
Multi
Listing Agency:
Compass Florida, LLC
(954) 477-7332
Listed By:
Carlos Saa · License #3376226
Source:
Crexi
Added: Feb 20
Changed: Aug 8
Last Checked: Jul 19 at 6:48AM
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 Compass Florida, LLC
Investment Insights
Based on property information with market context.
This East Hollywood triplex is housed in one well maintained building and includes two renovated 3 bedroom/2 bathroom apartments and one renovated 1 bedroom/1 bathroom apartment. Each unit features tiled flooring and impact windows, along with updated kitchen cabinets and quartz countertops. Residents also have access to private front patios.
The property sits on a corner lot, east of US-1, within the Hollywood Lakes area described as a quiet neighborhood. Parking is available for up to seven cars. The building is currently rented and licensed as a short term vacation rental.
For operational use, the current short term vacation rental setup produces an average gross income between $9,000 and $12,000 per month for the two 3/2 units, plus an average of $1,500 per month for the 1/1. Reported annual figures include $133,513 PGI and $40,251 NOI. A mortgage assumption is available at a 3% interest rate. The property is also described as centrally located near beaches, parks, major highways, shops, and restaurants, supporting flexibility for buyers and operators considering short-term or long-term rental strategies.
The property sits on a corner lot, east of US-1, within the Hollywood Lakes area described as a quiet neighborhood. Parking is available for up to seven cars. The building is currently rented and licensed as a short term vacation rental.
For operational use, the current short term vacation rental setup produces an average gross income between $9,000 and $12,000 per month for the two 3/2 units, plus an average of $1,500 per month for the 1/1. Reported annual figures include $133,513 PGI and $40,251 NOI. A mortgage assumption is available at a 3% interest rate. The property is also described as centrally located near beaches, parks, major highways, shops, and restaurants, supporting flexibility for buyers and operators considering short-term or long-term rental strategies.
Key Highlights
- Renovated East Hollywood triplex (built 1953) on a corner lot east of US‑1
- Unit features: impact windows, tiled flooring, and updated kitchen cabinets with quartz countertops
- Includes renovated 2‑3/2 apartments plus one 1‑1/1 apartment, each with access to private front patios
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
$44,345
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
4.67%
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%
$886,900
$886.9K
Cap Rate 7%
$633,500
$633.5K
Cap Rate 9%
$492,722
$492.7K
Market Conditions
NOI Build-Up for 2,475 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
$66.8K $27.00/SF
− Vacancy
−$3.5K −$1.40/SF
EGI
$63.4K $25.60/SF
− OpEx
−$19.0K −$7.68/SF
NOI
$44.3K $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%
$886,900
Cap Rate 7%
$633,500
Cap Rate 9%
$492,722
Alternative Uses
Best Use
Multifamily LT 5
$633.5K
$554.3K – $739.1K
NOI $44,345 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$589.3K
$515.7K – $687.6K
NOI $41,253 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$968.2K
$847.2K – $1.13M
NOI $67,775 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,439
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
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Frequently Asked Questions
What type of property is this?
Triplex - Renovated triplex with impact windows, tiled flooring, and private patios, currently operated as licensed short-term rentals.
Where is this triplex located?
The property is located at 1625 Cleveland Street Hollywood, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Renovated East Hollywood triplex (built 1953) on a corner lot east of US‑1; Unit features: impact windows, tiled flooring, and updated kitchen cabinets with quartz countertops; Includes renovated 2‑3/2 apartments plus one 1‑1/1 apartment, each with access to private front patios
