Eight-Unit Multifamily
New
For Sale
$2,250,000
5921 Pierce St 1-8, Hollywood, FL 33021
Four-parcel residential income property with central air, separate utility metering, and two parking spaces per unit.
Property Size8,112 SF
Lot Size0.69 Acres
Days on Market1
Property Features for 5921 Pierce St 1-8
General Information
Standard status
Active
Size
8,112 SF
Lot size
0.69 Acres
Property subtype
Commercial
Net Operating Income
$136,619
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
6 x 2BR/1BA, 2 x 2BR/2BA
Multifamily Units
8
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$31,781
Amenities
central A/C
Building Details
Building Size
8,112 SF
Year Built
1973
Stories
1
Listing Agency:
Fausto Commercial Realty Consultants Inc
Listed By:
Elior Levi · License #3574869
(954) 743-7594
Source:
Elliman
Added: Sep 10
Last Checked: Sep 10 at 3:09PM
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.
This 8-unit multifamily property at 5921, 5923, 5925, and 5927-5929 Pierce Street includes six 2-bedroom/1-bath units and two oversized 2-bedroom/2-bath units. The latter measure approximately 1,250 SF each and may be reconfigured as 3-bedroom/2-bath units. Built in 1973, the property includes central A/C, separate metering, and two parking spaces for each unit. Tenants are responsible for electric, water, and trash service, and most residents are long-term.
The asset covers approximately 30,000 SF across four separate parcels in Hollywood, Florida. Improvements include a newer drainfield, roofs approximately 10 years old, predominantly PVC plumbing, and a combination of impact and original windows. The property is near major highways, shopping, dining, employment centers, Downtown Hollywood, and the beach.
The asset covers approximately 30,000 SF across four separate parcels in Hollywood, Florida. Improvements include a newer drainfield, roofs approximately 10 years old, predominantly PVC plumbing, and a combination of impact and original windows. The property is near major highways, shopping, dining, employment centers, Downtown Hollywood, and the beach.
Key Highlights
- 8 units: six 2‑bedroom/1‑bath units and two 2‑bedroom/2‑bath units
- Two approximately 1,250 SF units offer potential conversion to 3‑bedroom/2‑bath layouts
- Approximately 30,000 SF of land across 4 separate parcels
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
$135,211
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
6.01%
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%
$2,704,220
$2.7M
Cap Rate 7%
$1,931,586
$1.9M
Cap Rate 9%
$1,502,344
$1.5M
Market Conditions
NOI Build-Up for 8,112 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
$258.0K $31.80/SF
− Vacancy
−$12.1K −$1.49/SF
EGI
$245.8K $30.31/SF
− OpEx
−$110.6K −$13.64/SF
NOI
$135.2K $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%
$2,704,220
Cap Rate 7%
$1,931,586
Cap Rate 9%
$1,502,344
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $135,211 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.17M
$2.78M – $3.70M
NOI $222,139 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,461
Businesses Nearby
Explore this area
Business Placement
Demographics for 33021, FL
50,091
Population
21,930
Households
2.3
Avg Household Size
43
Median Age
38%
College-Educated
91%
High-School Grad
8.8 sq mi
ZIP Area
5,692
Density / Sq Mi
$69,249
Median Household Income
$41,390
Median Earnings
$1,707
Median Rent
$395,800
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 - Four-parcel residential income property with central air, separate utility metering, and two parking spaces per unit.
Where is this apartment building located?
The property is located at 5921 Pierce St 1-8 Hollywood, FL.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 8 units: six 2‑bedroom/1‑bath units and two 2‑bedroom/2‑bath units; Two approximately 1,250 SF units offer potential conversion to 3‑bedroom/2‑bath layouts; Approximately 30,000 SF of land across 4 separate parcels
