Renovated Triplex With Mixed-Use
New
For Sale
$975,000
2242 Polk Street, Hollywood, FL 33020
Three individual living units occupy a recently updated property with TC-1 zoning and on-site driveway parking.
Property Size2,850 SF
Price / SF$409.32
Days on Market3
Property Features for 2242 Polk Street
General Information
Standard status
Active
Size
2,850 SF
Total Parking Spaces
7
Property subtype
Residential Income
Zoning
TC-1
Net Operating Income
$70,800
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,789
Building Details
Building Size
2,850 SF
Year Built
1954
Year Renovated
2023
Stories
1
Listing Agency:
Charles Rutenberg Realty FTL
(954) 394-4010
Listed By:
Henry W Mahan · License #3365463
(954) 394-4010
Source:
Laerrealty
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 13 at 3:50AM
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 Charles Rutenberg Realty FTL
Investment Insights
Based on property information with market context.
Built in 1954, this 2,382-square-foot triplex contains three individual living units and underwent renovations between 2021 and 2023. The property is occupied, and the improvements were completed for Airbnb use, providing a furnished short-term-rental configuration without requiring additional work described in the source information.
TC-1 zoning supports mixed-use development of nearly 10,000 square feet and allows structures up to 45 feet tall. The zoning framework described for the property accommodates combinations of shops, offices, and residential units across multiple floors. A driveway provides room for about 7 vehicles.
The property is located at 2242 Polk Street in Hollywood, near Hollywood Blvd and Dixie, with the entrance positioned closer to downtown event parking than the downtown area itself.
TC-1 zoning supports mixed-use development of nearly 10,000 square feet and allows structures up to 45 feet tall. The zoning framework described for the property accommodates combinations of shops, offices, and residential units across multiple floors. A driveway provides room for about 7 vehicles.
The property is located at 2242 Polk Street in Hollywood, near Hollywood Blvd and Dixie, with the entrance positioned closer to downtown event parking than the downtown area itself.
Key Highlights
- 2,382‑square‑foot triplex with 3 individual living units
- Renovated between 2021 and 2023
- TC‑1 zoning supports mixed‑use development of nearly 10,000 square feet
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
$42,679
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
4.38%
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%
$853,580
$853.6K
Cap Rate 7%
$609,700
$609.7K
Cap Rate 9%
$474,211
$474.2K
Market Conditions
NOI Build-Up for 2,382 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
$64.3K $27.00/SF
− Vacancy
−$3.3K −$1.40/SF
EGI
$61.0K $25.60/SF
− OpEx
−$18.3K −$7.68/SF
NOI
$42.7K $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%
$853,580
Cap Rate 7%
$609,700
Cap Rate 9%
$474,211
Alternative Uses
Best Use
Multifamily LT 5
$609.7K
$533.5K – $711.3K
NOI $42,679 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$567.2K
$496.3K – $661.7K
NOI $39,703 @ 7.0% cap · market cap 4.07%
Theoretical Best
Office A
$931.8K
$815.4K – $1.09M
NOI $65,229 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three individual living units occupy a recently updated property with TC-1 zoning and on-site driveway parking.
Where is this triplex located?
The property is located at 2242 Polk Street Hollywood, FL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 2,382‑square‑foot triplex with 3 individual living units; Renovated between 2021 and 2023; TC‑1 zoning supports mixed‑use development of nearly 10,000 square feet
