Approved Multifamily Development
For Sale
$995,000
1910 Washington St, Hollywood, FL 33020
Shovel-ready 9-unit multifamily development in Hollywood, Florida.
Property Size1,986 SF
Days on Market319
Property Features for 1910 Washington St
General Information
Standard status
Active
Size
1,986 SF
Property subtype
Income/MultiFamily
Taxes and HOA fees
Annual Taxes
$10,212
Building Details
Building Size
1,986 SF
Year Built
1949
Listing Agency:
RE/MAX 5 Star Realty
Listed By:
John DeMarco · License #3134747
(954) 453-1000
Source:
Relinkre
Added: Oct 20, 2025
Changed: Aug 25
Last Checked: Sep 1 at 11:18PM
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 RE/MAX 5 Star Realty
Investment Insights
Based on property information with market context.
This property presents a fully approved, shovel-ready 9-unit multifamily development opportunity located in Hollywood, Florida. The site features a 1,986 square foot duplex situated on an 8,283 square foot lot, zoned PS-1. The existing duplex is currently leased to two tenants, generating $5,000 per month in income. Approved plans are in place for a modern 9-unit building, complete with 10 parking spaces and landscaping designed to meet all city standards. Upon stabilization, the project is projected to generate $295,000 in gross annual income and a net operating income of $222,750, representing a 9.3% cap rate. The property's location offers proximity to Downtown Hollywood, Young Circle, and major highways, making it a turnkey opportunity for investors and developers.
Key Highlights
- Fully approved, shovel‑ready 9‑unit multifamily development project.
- Projected $222,750 NOI and a 9.3% cap rate once stabilized.
- Existing duplex generates $5,000/month in rental income.
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
$33,103
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
3.33%
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%
$662,060
$662.1K
Cap Rate 7%
$472,900
$472.9K
Cap Rate 9%
$367,811
$367.8K
Market Conditions
NOI Build-Up for 1,986 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
$63.2K $31.80/SF
− Vacancy
−$3.0K −$1.49/SF
EGI
$60.2K $30.31/SF
− OpEx
−$27.1K −$13.64/SF
NOI
$33.1K $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 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%
$662,060
Cap Rate 7%
$472,900
Cap Rate 9%
$367,811
Alternative Uses
Best Use
Apartment 5plus
$472.9K
$413.8K – $551.7K
NOI $33,103 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$776.9K
$679.8K – $906.4K
NOI $54,385 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,465
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?
Apartment building - Shovel-ready 9-unit multifamily development in Hollywood, Florida.
Where is this apartment building located?
The property is located at 1910 Washington St Hollywood, FL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Fully approved, shovel‑ready 9‑unit multifamily development project.; Projected $222,750 NOI and a 9.3% cap rate once stabilized.; Existing duplex generates $5,000/month in rental income.
