Vacant 2BR/1BA Duplex with Private
For Sale
Contact for pricing
1923 N 23rd Avenue, Hollywood, FL 33020
Two vacant 2-bedroom units with private laundry, separate electric and water meters, and fenced yards.
Property Size1,401 SF
Price / SF$477.52
Days on Market173
Property Features for 1923 N 23rd Avenue
General Information
Standard status
Active
Size
1,401 SF
Property subtype
Multifamily
Zoning
RM-9
Building Details
Year Built
1961
Units
2
Listing Agency:
Fidelity Real Estate Group
(954) 345-9144
Listed By:
Carlos Montoya · License #0623048
Source:
Crexi
Added: Feb 26
Changed: Aug 16
Last Checked: Aug 18 at 12:43PM
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 Fidelity Real Estate Group
Investment Insights
Based on property information with market context.
This property is a duplex configured as two separate 2-bedroom, 1-bath residences. Each unit includes private laundry and has separate electric and water meters. Interior finishes feature tile and laminate flooring throughout, along with updated kitchens and bathrooms. The duplex also has a brand-new roof and sits on a fenced, usable outdoor area for each unit.
The building is described in the listing as being in the heart of Hollywood, with access to both the beach and downtown described as being minutes away. The property is positioned on a lot that the listing notes as nearly a quarter acre, providing additional space around the duplex.
The current status is vacant, which may appeal to an investor looking to move quickly or an owner-user seeking rental income while living in one unit. With two independent utility setups and in-unit laundry for each side, the layout can support tenant convenience and straightforward unit management. Updated kitchens and baths, along with the brand-new roof, provide practical improvements for long-term use.
The building is described in the listing as being in the heart of Hollywood, with access to both the beach and downtown described as being minutes away. The property is positioned on a lot that the listing notes as nearly a quarter acre, providing additional space around the duplex.
The current status is vacant, which may appeal to an investor looking to move quickly or an owner-user seeking rental income while living in one unit. With two independent utility setups and in-unit laundry for each side, the layout can support tenant convenience and straightforward unit management. Updated kitchens and baths, along with the brand-new roof, provide practical improvements for long-term use.
Key Highlights
- Duplex built in 1961 with two vacant 2‑bedroom, 1‑bath units
- Each unit has private laundry plus separate electric and water meters
- Updated kitchens and bathrooms in both 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
$25,102
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
3.75%
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%
$502,040
$502.0K
Cap Rate 7%
$358,600
$358.6K
Cap Rate 9%
$278,911
$278.9K
Market Conditions
NOI Build-Up for 1,401 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
$37.8K $27.00/SF
− Vacancy
−$2.0K −$1.40/SF
EGI
$35.9K $25.60/SF
− OpEx
−$10.8K −$7.68/SF
NOI
$25.1K $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%
$502,040
Cap Rate 7%
$358,600
Cap Rate 9%
$278,911
Alternative Uses
Best Use
Multifamily LT 5
$358.6K
$313.8K – $418.4K
NOI $25,102 @ 7.0% cap · market cap 3.75%
Second Best
Apartment 5plus
$333.6K
$291.9K – $389.2K
NOI $23,352 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$548.1K
$479.6K – $639.4K
NOI $38,365 @ 7.0% cap · market cap 5.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,684
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?
Duplex - Two vacant 2-bedroom units with private laundry, separate electric and water meters, and fenced yards.
Where is this duplex located?
The property is located at 1923 N 23rd Avenue Hollywood, FL.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: Duplex built in 1961 with two vacant 2‑bedroom, 1‑bath units; Each unit has private laundry plus separate electric and water meters; Updated kitchens and bathrooms in both units
