Duplex on Corner
For Sale
$1,799,000
2040 Polk Street, Hollywood, FL 33020
MULTI_FAMILY - Hollywood, FL
Property Size3,040 SF
Lot Size0.11 Acres
Price / SF$591.78
Days on Market49
Property Features for 2040 Polk Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
ND-3
Bedrooms
7
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 5, Bedroom 2, Bedroom 6, Bathroom 2, Bathroom 1, Bedroom 7, Bedroom 3
Pets allowed
Yes, No
Exterior features
Awning(s), Garden
Subdivision
Hollywood
Elementary school
Hollywood Central
Middle school
Olsen
High school
South Broward
Standard status
Active
APN
514215011690
Size
3,040 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HOLLYWOOD 1-21 B LOT 1 BLK 10
Tax Annual Amount
14478
Legal Description
HOLLYWOOD 1-21 B LOT 1 BLK 10
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1945
Floors in Building
1
Number of units
2
Flooring type
Laminate, Wood, Tile
Building materials
Brick, CBS
Roof type
Shingle
Listing Agency:
Signature International RE
(561) 404-7263
Listed By:
Jordan Sorman · License #3461841
(917) 705-3898
Added: Jun 24
Changed: Aug 5
Last Checked: Aug 11 at 10:06PM
MLS# B26045137
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex is situated on a highly visible corner lot and is currently operating as an income-producing Airbnb and wellness spa. The property is zoned ND-3 and is positioned for a wide range of residential and commercial uses, including mixed-use redevelopment. The site provides flexibility for future planning, with the potential to develop up to 10 stories.
The building was constructed in 1945 and features brick and CBS construction with a shingle roof. Interior finishes include laminate, wood, and tile flooring, with central heating and central air conditioning. Public water and public sewer services are provided. Exterior features include awning(s) and a garden.
Located steps from Hollywood Boulevard in Downtown Hollywood, the property is surrounded by newer development and active retail and dining. It may appeal to operators looking to continue the hospitality and wellness use, as well as developers and owner-users evaluating redevelopment under ND-3 zoning.
The building was constructed in 1945 and features brick and CBS construction with a shingle roof. Interior finishes include laminate, wood, and tile flooring, with central heating and central air conditioning. Public water and public sewer services are provided. Exterior features include awning(s) and a garden.
Located steps from Hollywood Boulevard in Downtown Hollywood, the property is surrounded by newer development and active retail and dining. It may appeal to operators looking to continue the hospitality and wellness use, as well as developers and owner-users evaluating redevelopment under ND-3 zoning.
Key Highlights
- Zoned ND‑3 duplex on a highly visible corner lot
- Currently operating as an Airbnb and wellness spa
- Potential for up to 10 stories development under ND‑3 zoning
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
$54,468
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
3.03%
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%
$1,089,360
$1.1M
Cap Rate 7%
$778,114
$778.1K
Cap Rate 9%
$605,200
$605.2K
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
$82.1K $27.00/SF
− Vacancy
−$4.3K −$1.40/SF
EGI
$77.8K $25.60/SF
− OpEx
−$23.3K −$7.68/SF
NOI
$54.5K $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%
$1,089,360
Cap Rate 7%
$778,114
Cap Rate 9%
$605,200
Alternative Uses
Best Use
Multifamily LT 5
$778.1K
$680.9K – $907.8K
NOI $54,468 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$723.9K
$633.4K – $844.5K
NOI $50,671 @ 7.0% cap · market cap 2.82%
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
Location Intelligence
Trade Area within ½ mile
4,651
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Zoned ND-3 duplex on a highly visible corner lot currently used as an Airbnb and wellness spa with central HVAC.
Where is this duplex 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: Zoned ND‑3 duplex on a highly visible corner lot; Currently operating as an Airbnb and wellness spa; Potential for up to 10 stories development under ND‑3 zoning
