Renovated Hollywood Multifamily
For Sale
Contact for pricing
Pending
2221-2223 Adams St, Hollywood, FL 33020
Ten-unit apartment building with value-add potential in prime location.
Property Size7,263 SF
Days on Market165
Property Features for 2221-2223 Adams St
General Information
Standard status
Pending
Size
7,263 SF
Class
C
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1964
Buildings
4
Stories
1
Units
10
Listing Agency:
Marcus & Millichap - Fort Lauderdale
Listed By:
Evan Richardson · License #FL SL3134745
Source:
Crexi
Added: Mar 23
Changed: Aug 8
Last Checked: Jul 24 at 8:47AM
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 Marcus & Millichap - Fort Lauderdale
Investment Insights
Based on property information with market context.
The Adams Street Apartments, located at 2221–2223 Adams Street in Hollywood, Florida, is a 10-unit multifamily property. The property consists entirely of one-bedroom/one-bathroom units averaging 726 square feet. These units offer spacious layouts in a high-demand rental corridor. The 7,263 square foot asset has recently undergone significant improvements, including a new metal roof and mini-split air conditioning systems throughout. Ongoing parking lot restriping enhances both curb appeal and operational efficiency. Eight of the ten units have been renovated, featuring granite countertops and shaker-style cabinetry. The property also includes four carports, creating an additional income opportunity. Positioned just minutes from Downtown Hollywood, Young Circle, and Hollywood Beach, the property benefits from strong local demand driven by hospitality, retail, and healthcare employment. With proximity to US-1, I-95, and the Brightline station, Adams Street Apartments offers tenants convenient connectivity throughout Broward and Miami-Dade Counties. This property presents an opportunity to acquire a well-located, partially renovated multifamily asset in one of South Florida’s most active rental submarkets, with continued value-add potential and durable long-term fundamentals.
Key Highlights
- Prime location minutes from Downtown Hollywood, Young Circle, and Hollywood Beach
- Eight of ten units are renovated with granite countertops and shaker‑style cabinetry
- New metal roof and mini‑split air conditioning systems enhance property value
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
$121,059
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
6.92%
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%
$2,421,180
$2.4M
Cap Rate 7%
$1,729,414
$1.7M
Cap Rate 9%
$1,345,100
$1.3M
Market Conditions
NOI Build-Up for 7,263 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
$231.0K $31.80/SF
− Vacancy
−$10.9K −$1.49/SF
EGI
$220.1K $30.31/SF
− OpEx
−$99.0K −$13.64/SF
NOI
$121.1K $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%
$2,421,180
Cap Rate 7%
$1,729,414
Cap Rate 9%
$1,345,100
Alternative Uses
Best Use
Apartment 5plus
$1.73M
$1.51M – $2.02M
NOI $121,059 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.84M
$2.49M – $3.31M
NOI $198,890 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,434
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?
Apartment building - Ten-unit apartment building with value-add potential in prime location.
Where is this apartment building located?
The property is located at 2221-2223 Adams St Hollywood, FL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Prime location minutes from Downtown Hollywood, Young Circle, and Hollywood Beach; Eight of ten units are renovated with granite countertops and shaker‑style cabinetry; New metal roof and mini‑split air conditioning systems enhance property value
