Seven-Unit Multifamily
For Sale
$1,295,000
2247 Simms Street, Hollywood, FL 33020
Seven 1-bedroom units in a 3,164 SF multifamily building with central A/C and a 2016 roof.
Property Size3,164 SF
Price / SF$409.29
Days on Market85
Property Features for 2247 Simms Street
General Information
Standard status
Active
Size
3,164 SF
Property subtype
Multi Family
Additional Details
Cap Rate
6.23%
Highway Access
Yes
Multifamily Units
7
Amenities
impact windows
central A/C throughout
stainless steel appliances
Building Details
Year Built
1956
Tenancy
Multi
Listing Agency:
Fausto Commercial Realty Consultants Inc
(786) 748-7373
Listed By:
Elior Levi · License #3574869
(954) 743-7594
Source:
Lehmannflorida
Added: Jun 15
Changed: Sep 6
Last Checked: Sep 7 at 7:38AM
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 Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
2247 Simms Street is a 7-unit multifamily property offering seven 1-bedroom, 1-bath residences within a 3,164 SF building. The property includes impact windows, central A/C throughout, and stainless steel appliances. A 2016 roof supports reduced near-term capital expenditure needs.
The asset is located in Hollywood, Florida, with convenient access to Interstate 95. It is approximately 5 minutes from Downtown Hollywood, 10 minutes from Hollywood Beach, and 8 minutes from Fort Lauderdale-Hollywood International Airport.
For investors, the property is currently generating approximately $80,718 in NOI, reflecting a 6.23% cap rate at the asking price, with potential for additional income growth through future rent increases.
The asset is located in Hollywood, Florida, with convenient access to Interstate 95. It is approximately 5 minutes from Downtown Hollywood, 10 minutes from Hollywood Beach, and 8 minutes from Fort Lauderdale-Hollywood International Airport.
For investors, the property is currently generating approximately $80,718 in NOI, reflecting a 6.23% cap rate at the asking price, with potential for additional income growth through future rent increases.
Key Highlights
- 7‑unit multifamily property built in 1956 with seven 1‑bedroom/1‑bath units
- 3,164 SF building with central A/C throughout and impact windows
- 2016 roof and stainless steel appliances included
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
$52,737
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
4.07%
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%
$1,054,740
$1.1M
Cap Rate 7%
$753,386
$753.4K
Cap Rate 9%
$585,967
$586.0K
Market Conditions
NOI Build-Up for 3,164 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
$100.6K $31.80/SF
− Vacancy
−$4.7K −$1.49/SF
EGI
$95.9K $30.31/SF
− OpEx
−$43.1K −$13.64/SF
NOI
$52.7K $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%
$1,054,740
Cap Rate 7%
$753,386
Cap Rate 9%
$585,967
Alternative Uses
Best Use
Apartment 5plus
$753.4K
$659.2K – $879.0K
NOI $52,737 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,643 @ 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
7
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,391
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?
Apartment building - Seven 1-bedroom units in a 3,164 SF multifamily building with central A/C and a 2016 roof.
Where is this apartment building located?
The property is located at 2247 Simms Street Hollywood, FL.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 7‑unit multifamily property built in 1956 with seven 1‑bedroom/1‑bath units; 3,164 SF building with central A/C throughout and impact windows; 2016 roof and stainless steel appliances included
