Multifamily Development with In-Law
For Sale
$679,850
2531 Pierce Street, Hollywood, FL 33020
MULTI_FAMILY - Hollywood, FL
Property Size1,440 SF
Lot Size0.35 Acres
Price / SF$472.12
Days on Market74
Property Features for 2531 Pierce Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM-18
Bedrooms
3
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3
Pets allowed
Yes, No
Exterior features
Awning(s), Lighting, Storage
Subdivision
HOLLYWOOD LITTLE RANCHES
Lot features
Oversized Lot
Elementary school
Oakridge
Middle school
Olsen
High school
South Broward
Standard status
Active
APN
514216015270
Size
1,440 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HOLLYWOOD LITTLE RANCHES 1-26 B LOT 13 E3/4 BLK 14
Tax Annual Amount
9667
Legal Description
HOLLYWOOD LITTLE RANCHES 1-26 B LOT 13 E3/4 BLK 14
Utilities
Sewer type
Public Sewer, Septic Tank, Private Sewer
Cooling system
Wall/Window Unit(s), Window Unit(s), Ceiling Fan(s)
Water source
Public
Building Details
Year built
1949
Floors in Building
1
Number of units
2
Flooring type
Terrazzo, Vinyl, Tile
Building materials
Block, CBS, Concrete, Concrete Block - With Stucco, Stucco
Roof type
Shingle, Flat
Additional Structures
Storage
Listing Agency:
United Realty Group Inc.
(954) 450-2000
Listed By:
Michael J Sheer · License #3355952
(954) 993-6664
Added: Jun 1
Changed: Aug 5
Last Checked: Aug 13 at 9:06AM
MLS# B26036914
Copyright © 2026 BeachesMLS. 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 property includes an existing 3-bedroom, 2-bath home with an in-law suite, along with development plans for eight additional 2-bedroom apartment units on the same lot, for a proposed total of nine units. The supplemental units are described as approximately 760 square feet each, and the existing structure is intended to remain while the additional units are developed.
The lot is zoned RM-18 and totals 0.35 acres. A formal Pre-Application Consultation (PAC) meeting with the city has been held, with representatives from relevant disciplines present, and the site plan is reported to be feasible and compliant with current zoning and regulations. The published remarks also note walkability to schools, a library, parks, and Downtown Hollywood.
The included site plan addresses layout, parking, and access for the combined use. The property is located in a Qualified Opportunity Zone, which the seller notes may offer potential tax benefits; interested parties should consult a tax professional for eligibility and details.
The lot is zoned RM-18 and totals 0.35 acres. A formal Pre-Application Consultation (PAC) meeting with the city has been held, with representatives from relevant disciplines present, and the site plan is reported to be feasible and compliant with current zoning and regulations. The published remarks also note walkability to schools, a library, parks, and Downtown Hollywood.
The included site plan addresses layout, parking, and access for the combined use. The property is located in a Qualified Opportunity Zone, which the seller notes may offer potential tax benefits; interested parties should consult a tax professional for eligibility and details.
Key Highlights
- 1949‑built 3/2 home with an in‑law suite (3 bedrooms, 2 bathrooms) on the same lot
- Site plan allows development of 8 additional 2‑bedroom units, for a total of 9 units without tearing down the existing home
- Proposed additional units are approximately 760 SF 2‑bedroom apartments
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
$24,002
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
3.53%
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%
$480,040
$480.0K
Cap Rate 7%
$342,886
$342.9K
Cap Rate 9%
$266,689
$266.7K
Market Conditions
NOI Build-Up for 1,440 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
$45.8K $31.80/SF
− Vacancy
−$2.2K −$1.49/SF
EGI
$43.6K $30.31/SF
− OpEx
−$19.6K −$13.64/SF
NOI
$24.0K $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%
$480,040
Cap Rate 7%
$342,886
Cap Rate 9%
$266,689
Alternative Uses
Best Use
Apartment 5plus
$342.9K
$300.0K – $400.0K
NOI $24,002 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$563.3K
$492.9K – $657.2K
NOI $39,433 @ 7.0% cap · market cap 5.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,376
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 - 3/2 home with in-law suite plus plans for eight additional 2-bedroom units on the same lot.
Where is this apartment building located?
The property is located at 2531 Pierce Street Hollywood, FL.
What is the asking price?
The asking price for this property is $679,850.
What are key features of this property?
This property features: 1949‑built 3/2 home with an in‑law suite (3 bedrooms, 2 bathrooms) on the same lot; Site plan allows development of 8 additional 2‑bedroom units, for a total of 9 units without tearing down the existing home; Proposed additional units are approximately 760 SF 2‑bedroom apartments
