8-Unit Apartment
New
For Sale
$1,650,000
2028 Fillmore St, Hollywood, FL 33020
Three residential buildings feature renovated kitchens, updated HVAC systems, and on-site laundry.
Property Size6,402 SF
Lot Size0.25 Acres
Price / SF$257.73
Days on Market2
Property Features for 2028 Fillmore St
General Information
Standard status
Active
Size
6,402 SF
Lot size
0.25 Acres
Property subtype
Commercial
Zoning
DH-3
Occupancy
88%
Net Operating Income
$85,548
Units
Unit Mix
4 x 1BR/1BA, 2 x 2BR/1BA, 1 x 2BR/2BA, 1 x studio
Multifamily Units
8
Additional Details
Cap Rate
5.18%
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$21,456
Amenities
on-site laundry
private terrace
Building Details
Building Size
6,402 SF
Year Built
1942
Buildings
3
Stories
2
Listing Agency:
RE/MAX 5 Star Realty
Listed By:
John DeMarco · License #A12052614
(954) 453-1000
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 3:07PM
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.
The property comprises three buildings totaling approximately 6,402 square feet on a 10,904-square-foot lot. Its eight apartments include four one-bedroom/one-bath units, two two-bedroom/one-bath units, one two-bedroom/two-bath unit, and a studio. Seven units are leased, representing 87.5% occupancy. Improvements include replacement roofs on all three buildings, updated HVAC systems, bathrooms refreshed throughout, and five renovated kitchens. Additional features include laundry facilities, a private terrace, a detached rear cottage, and dedicated parking for the front house.
DH-3 zoning applies. The property is north of Downtown Hollywood, near Hollywood Boulevard, Young Circle, Dixie Highway, and US-1. The stated cap rate is 5.18%; ownership projects an 8.04% cap rate at full occupancy and projected rents.
DH-3 zoning applies. The property is north of Downtown Hollywood, near Hollywood Boulevard, Young Circle, Dixie Highway, and US-1. The stated cap rate is 5.18%; ownership projects an 8.04% cap rate at full occupancy and projected rents.
Key Highlights
- Eight apartments across three buildings; approximately 6,402 SF on a 10,904 SF lot
- Unit mix: four 1/1s, two 2/1s, one 2/2, and one studio
- 87.5% occupied, with 7 of 8 units leased
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
$106,708
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
6.47%
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%
$2,134,160
$2.1M
Cap Rate 7%
$1,524,400
$1.5M
Cap Rate 9%
$1,185,644
$1.2M
Market Conditions
NOI Build-Up for 6,402 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
$203.6K $31.80/SF
− Vacancy
−$9.6K −$1.49/SF
EGI
$194.0K $30.31/SF
− OpEx
−$87.3K −$13.64/SF
NOI
$106.7K $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%
$2,134,160
Cap Rate 7%
$1,524,400
Cap Rate 9%
$1,185,644
Alternative Uses
Best Use
Apartment 5plus
$1.52M
$1.33M – $1.78M
NOI $106,708 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,312 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
87.5%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,158
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three residential buildings feature renovated kitchens, updated HVAC systems, and on-site laundry.
Where is this apartment building located?
The property is located at 2028 Fillmore St Hollywood, FL.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Eight apartments across three buildings; approximately 6,402 SF on a 10,904 SF lot; Unit mix: four 1/1s, two 2/1s, one 2/2, and one studio; 87.5% occupied, with 7 of 8 units leased
