Renovated Apartment
For Sale
Contact for pricing
2331-2333 Hayes Street, Hollywood, FL 33020
Six-unit multifamily property with detached buildings, upgraded interiors, and a mixed apartment and single-family unit profile.
Property Size3,134 SF
Lot Size0.34 Acres
Price / SF$382.90
Days on Market123
Property Features for 2331-2333 Hayes Street
General Information
Standard status
Active
Size
3,134 SF
Total Parking Spaces
18
Lot size
0.34 Acres
Property subtype
Multifamily
Zoning
DH-1
Occupancy
100%
Net Operating Income
$77,788
Units
Unit Mix
4 x 1BR/1BA, 1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
6
Additional Details
Highway Access
Yes
Building Details
Year Built
1966
Buildings
3
Stories
1
Units
18
Listing Agency:
Marcus & Millichap - Fort Lauderdale
Listed By:
Austin Michels · License #FL SL3510497
Source:
Crexi
Added: May 4
Changed: Sep 2
Last Checked: Sep 2 at 8:43AM
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.
This six-unit multifamily property comprises three detached buildings on one parcel, with four one-bedroom/one-bathroom apartments and two single-family homes offering two and three bedrooms. Built in 1966, the improvements total approximately ±3,134 square feet on a ±15,000 square foot, 0.34-acre site. Renovations include kitchens with granite countertops, stainless steel appliances, and new cabinetry, as well as updated bathrooms, partial impact windows, wall-unit air conditioning, GE electric panels, and PVC plumbing. Both homes have private in-unit washers and dryers, and an additional storage room provides another leasable component.
The DH-1 zoning supports continued multifamily use and is described as allowing increased residential density for up to 8-10 townhomes. Tenant bill-backs cover water, sewer, trash, and electric expenses. The Hollywood property is near US-1, Sheridan Street, Interstate 95, Downtown Hollywood, Young Circle, Hollywood Beach, and major employment centers, with access to Fort Lauderdale and Miami.
The DH-1 zoning supports continued multifamily use and is described as allowing increased residential density for up to 8-10 townhomes. Tenant bill-backs cover water, sewer, trash, and electric expenses. The Hollywood property is near US-1, Sheridan Street, Interstate 95, Downtown Hollywood, Young Circle, Hollywood Beach, and major employment centers, with access to Fort Lauderdale and Miami.
Key Highlights
- Six‑unit property with four one‑bedroom apartments and two single‑family homes
- Three detached buildings totaling approximately ±3,134 square feet
- ±15,000 square foot (0.34‑acre) DH‑1 zoned parcel
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
$52,237
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
4.35%
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%
$1,044,740
$1.0M
Cap Rate 7%
$746,243
$746.2K
Cap Rate 9%
$580,411
$580.4K
Market Conditions
NOI Build-Up for 3,134 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
$99.7K $31.80/SF
− Vacancy
−$4.7K −$1.49/SF
EGI
$95.0K $30.31/SF
− OpEx
−$42.7K −$13.64/SF
NOI
$52.2K $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%
$1,044,740
Cap Rate 7%
$746,243
Cap Rate 9%
$580,411
Alternative Uses
Best Use
Apartment 5plus
$746.2K
$653.0K – $870.6K
NOI $52,237 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.07M – $1.43M
NOI $85,821 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,522
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 - Six-unit multifamily property with detached buildings, upgraded interiors, and a mixed apartment and single-family unit profile.
Where is this apartment building located?
The property is located at 2331-2333 Hayes Street Hollywood, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Six‑unit property with four one‑bedroom apartments and two single‑family homes; Three detached buildings totaling approximately ±3,134 square feet; ±15,000 square foot (0.34‑acre) DH‑1 zoned parcel
