5+ Acres Mixed-Use Development
For Sale
Contact for pricing
315 S 62nd Ave, Hollywood, FL 33024
5+ acres of land suitable for retail or residential development.
Property Size217,800 SF
Lot Size5.00 Acres
Price / SF$114.78
Days on Market451
Property Features for 315 S 62nd Ave
General Information
Standard status
Active
Size
217,800 SF
Lot size
5.00 Acres
Property subtype
Industrial, Mixed Use, Land, Special Purpose
Zoning
S-MU
Listing Agency:
WGS Realty
(954) 284-3400
Listed By:
Barry Katz · License #FL 3354358
Source:
Crexi
Added: May 19, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:00PM
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 WGS Realty
Investment Insights
Based on property information with market context.
This property features over 5 acres of land, shaped as a rectangle, offering potential for various development projects. The zoning allows for retail, mixed-use, and residential development at 50 units per acre. Alternatively, the zoning permits 100 units per acre for a hotel. The location provides convenient access to major roadways in South Florida and is situated approximately 15 minutes from Aventura, Fort Lauderdale-Hollywood International Airport, and Port Everglades.
Key Highlights
- Rezoned for retail, mixed‑use, or high‑density residential/hotel development.
- 5+ acre rectangular lot with unlimited potential.**
- Easy access to all major roadways in South Florida.
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
$1,638,727
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
6.55%
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%
$32,774,540
$32.8M
Cap Rate 7%
$23,410,386
$23.4M
Cap Rate 9%
$18,208,078
$18.2M
Market Conditions
NOI Build-Up for 217,800 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
$3.92M $18.00/SF
− Vacancy
−$470.4K −$2.16/SF
EGI
$3.45M $15.84/SF
− OpEx
−$1.81M −$8.32/SF
NOI
$1.64M $7.52/SF
Area
Hollywood, FL
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$32,774,540
Cap Rate 7%
$23,410,386
Cap Rate 9%
$18,208,078
Alternative Uses
Best Use
Mixed Use
$42.00M
$36.75M – $49.01M
NOI $2,940,300 @ 7.0% cap · market cap 11.76%
Second Best
Hotel Hospitality
$23.41M
$20.48M – $27.31M
NOI $1,638,727 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$85.20M
$74.55M – $99.40M
NOI $5,964,235 @ 7.0% cap · market cap 23.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,492
Businesses Nearby
Explore this area
Business Placement
Demographics for 33024, FL
74,843
Population
26,552
Households
2.8
Avg Household Size
39
Median Age
28%
College-Educated
90%
High-School Grad
11.6 sq mi
ZIP Area
6,452
Density / Sq Mi
$76,501
Median Household Income
$38,144
Median Earnings
$1,724
Median Rent
$365,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - 5+ acres of land suitable for retail or residential development.
Where is this commercial land located?
The property is located at 315 S 62nd Ave Hollywood, FL.
What is the asking price?
The asking price for this property is $25,000,000.
What are key features of this property?
This property features: Rezoned for retail, mixed‑use, or high‑density residential/hotel development.; 5+ acre rectangular lot with unlimited potential.**; Easy access to all major roadways in South Florida.
