Renovated Three-Unit
New
For Sale
$975,000
2242 Polk St, Hollywood, FL 33020
MULTI_FAMILY - Hollywood, FL
Property Size2,382 SF
Price / SF$409.32
Days on Market2
Property Features for 2242 Polk St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
TC-1
Bedrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 4
Parking
7
Subdivision
HOLLYWOOD LITTLE RANCHES
Lot features
< 1/4 Acre
Standard status
Active
APN
514216013320
Size
2,382 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
HOLLYWOOD LITTLE RANCHES 1-26 B LOT 17 E 55 FT OF N 120 FT BLK 7
Tax Annual Amount
9789
Legal Description
HOLLYWOOD LITTLE RANCHES 1-26 B LOT 17 E 55 FT OF N 120 FT BLK 7
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Building Details
Year built
1954
Floors in Building
1
Flooring type
Tile
Building materials
Block, Frame, Stucco
Roof type
Flat, Shingle
Listing Agency:
Charles Rutenberg Realty FTL
(954) 396-3001
Listed By:
Henry Mahan LLC · License #3365463
(954) 394-4010
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 5:06PM
MLS# A12068615
Copyright © 2026 Miami REALTORS®. 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 2,382-square-foot triplex contains three individual living units and underwent renovations between 2021 and 2023. The property is occupied and cash flowing, with tile flooring, central air conditioning, electric heating, block, frame, and stucco construction, plus a combination flat and shingle roof. Public sewer service is in place, and cable is available.
The property is located at 2242 Polk St in Hollywood, near Hollywood Blvd and Dixie. Its TC-1 zoning allows mixed-use development of nearly 10,000 square feet with building height up to 45 feet. The existing driveway accommodates approximately seven vehicles, adding practical on-site parking for the current configuration.
The property is located at 2242 Polk St in Hollywood, near Hollywood Blvd and Dixie. Its TC-1 zoning allows mixed-use development of nearly 10,000 square feet with building height up to 45 feet. The existing driveway accommodates approximately seven vehicles, adding practical on-site parking for the current configuration.
Key Highlights
- Three individual living units in a 2,382‑square‑foot triplex
- Renovations completed between 2021 and 2023
- TC‑1 zoning allows nearly 10,000 square feet of mixed‑use development
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Occupied, updated residential property with central cooling, tile floors, and driveway parking for approximately seven vehicles.
Where is this triplex located?
The property is located at 2242 Polk St 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: Three individual living units in a 2,382‑square‑foot triplex; Renovations completed between 2021 and 2023; TC‑1 zoning allows nearly 10,000 square feet of mixed‑use development
