Corner Redevelopment Mixed-Use
For Sale
$1,799,000
2040 Polk Street, Hollywood, FL 33020
Mixed-use corner property currently operating as an Airbnb and wellness spa, zoned ND-3 with redevelopment potential.
Property Size3,040 SF
Days on Market74
Property Features for 2040 Polk Street
General Information
Standard status
Active
Size
3,040 SF
Property subtype
Mixed Use
Zoning
ND-3
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$14,478
Building Details
Building Size
3,040 SF
Year Built
1945
Listing Agency:
Signature International RE
Listed By:
Jordan Sorman · License #3461841
(917) 705-3898
Source:
Relinkre
Added: Jun 24
Changed: Sep 4
Last Checked: Sep 4 at 1:22PM
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 Signature International RE
Investment Insights
Based on property information with market context.
This mixed-use redevelopment site is currently operating as an income-producing Airbnb and a wellness spa. The property sits on a highly visible corner lot and is offered with ND-3 zoning, which the seller states allows for a wide variety of residential, commercial, office, hospitality, and mixed-use applications, with potential for development up to 10 stories. Some photos are described as virtual renderings of future project potential.
The property is located in Downtown Hollywood, Florida, just steps from Hollywood Boulevard, and is surrounded by new development, restaurants, retail, entertainment, and luxury residential projects. BikeScore is listed as 69 (Bikeable), walkScore as 67 (Somewhat Walkable), and transitScore as 41 (Some Transit), indicating moderate non-car access.
For buyers evaluating an owner-use or development path, the site’s configuration as a corner lot and its ND-3 zoning framework are central to its redevelopment flexibility.
The property is located in Downtown Hollywood, Florida, just steps from Hollywood Boulevard, and is surrounded by new development, restaurants, retail, entertainment, and luxury residential projects. BikeScore is listed as 69 (Bikeable), walkScore as 67 (Somewhat Walkable), and transitScore as 41 (Some Transit), indicating moderate non-car access.
For buyers evaluating an owner-use or development path, the site’s configuration as a corner lot and its ND-3 zoning framework are central to its redevelopment flexibility.
Key Highlights
- Year built 1945 mixed‑use property currently operating as an Airbnb and wellness spa
- Highly visible corner lot; steps from Hollywood Boulevard in Downtown Hollywood, FL
- Zoned ND‑3 allowing a wide variety of residential, commercial, office, hospitality, and mixed‑use applications
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
$50,671
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
2.82%
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%
$1,013,420
$1.0M
Cap Rate 7%
$723,871
$723.9K
Cap Rate 9%
$563,011
$563.0K
Market Conditions
NOI Build-Up for 3,040 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
$96.7K $31.80/SF
− Vacancy
−$4.5K −$1.49/SF
EGI
$92.1K $30.31/SF
− OpEx
−$41.5K −$13.64/SF
NOI
$50.7K $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%
$1,013,420
Cap Rate 7%
$723,871
Cap Rate 9%
$563,011
Alternative Uses
Best Use
Apartment 5plus
$723.9K
$633.4K – $844.5K
NOI $50,671 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,247 @ 7.0% cap · market cap 4.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
4,186
Businesses Nearby
Balanced
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Colonics — 900 S Federal Hwy, Hollywood, FL 33020
- Nu Vitality Hydration and Wellness — 2719 Hollywood Blvd, Hollywood, FL 33020
- Flower Power Smoke Shop — 2721 Hollywood Blvd, Hollywood, FL 33020
- Pom Wellness center — 2632 Hollywood Blvd #204A, Hollywood, FL 33020
- HPI Therapy — 2450 Hollywood Blvd #305, Hollywood, FL 33020
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Mixed-use corner property currently operating as an Airbnb and wellness spa, zoned ND-3 with redevelopment potential.
Where is this spa & wellness property located?
The property is located at 2040 Polk Street Hollywood, FL.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Year built 1945 mixed‑use property currently operating as an Airbnb and wellness spa; Highly visible corner lot; steps from Hollywood Boulevard in Downtown Hollywood, FL; Zoned ND‑3 allowing a wide variety of residential, commercial, office, hospitality, and mixed‑use applications
