Renovated Six-Unit Multifamily
For Sale
$1,200,000
2333 Hayes St, Hollywood, FL 33020
Three detached buildings offer a varied residential configuration with renovated interiors and tenant utility reimbursements.
Property Size3,134 SF
Days on Market113
Property Features for 2333 Hayes St
General Information
Standard status
Active
Size
3,134 SF
Property subtype
Multifamily
Occupancy
100%
Amenities
Six Legal Units Across Three Separate Buildings on One Folio
GE Electric Panels, Partial Impact Windows, & PVC Plumbing Throughout
Two Single-Family Homes Feature Private In-Unit Washer & Dryers
Additional Storage Room Provides Opportunity for Supplemental Income
Owner Bills Back Tenants for Water, Sewer, Trash & Electric Expense
Diverse Unit Mix: (4) 1BR/1BA, (1) 2BR/1BA House, (1) 3BR/1BA House
Large Lot with Long-Term Redevelopment Potential Under DH-1 Zoning
Vinyl Flooring, Stainless Steel Appliances & Granite Countertops In Select Units
Building Details
Building Size
3,134 SF
Units
6
Listing Agency:
Fort Lauderdale Office
Listed By:
Austin Michels · License #License(s): FL: SL3510497
(954) 245-3439
Source:
Marcusmillichap
Added: May 14
Changed: Aug 31
Last Checked: Sep 1 at 2:51PM
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 Fort Lauderdale Office
Investment Insights
Based on property information with market context.
This six-unit multifamily property at 2333 Hayes St in Hollywood comprises three detached buildings on one 0.34-acre parcel. The approximately 3,134-square-foot improvement includes four one-bedroom, one-bath apartments plus two detached homes: one with two bedrooms and one bath, and another with three bedrooms and one bath. Constructed in 1966, the property has renovated kitchens with granite counters, stainless steel appliances, and replacement cabinetry, along with updated bathrooms, partial impact windows, wall-unit air conditioning, GE electrical panels, and PVC plumbing. Each home includes a private washer and dryer, and an additional storage room provides potential for supplemental tenant income.
The site is zoned DH-1 and supports continued multifamily use. The approximately 15,000-square-foot parcel may accommodate future development of up to 8–10 townhomes under the stated zoning parameters. Tenants are billed for water, sewer, trash, and electric expenses. The property is near US-1, Sheridan Street, Interstate 95, Downtown Hollywood, Young Circle, Hollywood Beach, and employment centers serving central Broward County.
The site is zoned DH-1 and supports continued multifamily use. The approximately 15,000-square-foot parcel may accommodate future development of up to 8–10 townhomes under the stated zoning parameters. Tenants are billed for water, sewer, trash, and electric expenses. The property is near US-1, Sheridan Street, Interstate 95, Downtown Hollywood, Young Circle, Hollywood Beach, and employment centers serving central Broward County.
Key Highlights
- Six units across three detached buildings on a 0.34‑acre site
- Unit mix includes four 1‑bedroom apartments, a 2‑bedroom home, and a 3‑bedroom home
- Approximately 3,134 square feet of building area; built in 1966
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
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 - Three detached buildings offer a varied residential configuration with renovated interiors and tenant utility reimbursements.
Where is this apartment building located?
The property is located at 2333 Hayes St 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 units across three detached buildings on a 0.34‑acre site; Unit mix includes four 1‑bedroom apartments, a 2‑bedroom home, and a 3‑bedroom home; Approximately 3,134 square feet of building area; built in 1966
