Freestanding Redevelopment Restaurant
For Sale
$500,000
6028 Washington Street, Hollywood, FL 33023
Vacated and cleared freestanding building on a 5,527 sq. ft. lot, zoned for mixed-use development up to 80 feet.
Property Size1,282 SF
Lot Size0.13 Acres
Price / SF$390.02
Days on Market53
Property Features for 6028 Washington Street
General Information
Standard status
Active
Size
1,282 SF
Lot size
0.13 Acres
Property subtype
Mixed Use
Building Details
Year Built
1952
Listing Agency:
Exclusive Premier Realty
(800) 288-5791
Listed By:
Steve Cassidy · License #3468850
(954) 536-6113
Source:
Lehmannflorida
Added: Jul 14
Changed: Sep 3
Last Checked: Sep 4 at 4:56AM
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 Exclusive Premier Realty
Investment Insights
Based on property information with market context.
This for-sale property includes a 1,282 sq. ft. freestanding commercial building on a 5,527 sq. ft. lot. The building was previously operated as a restaurant and has been vacated and cleared, giving the next owner a blank canvas to renovate the existing structure or pursue other redevelopment options.
Zoned for mixed-use development, the property allows construction of a building up to 80 feet in height. Located at 6028 Washington Street in Hollywood, FL, the site is positioned as a redevelopment or owner-user opportunity for qualified buyers and developers who want a well-situated property with documented height flexibility.
The current improvements are ready for redevelopment planning, with the cleared interior and exterior providing a straightforward starting point for new construction or a refresh of the existing building footprint.
Zoned for mixed-use development, the property allows construction of a building up to 80 feet in height. Located at 6028 Washington Street in Hollywood, FL, the site is positioned as a redevelopment or owner-user opportunity for qualified buyers and developers who want a well-situated property with documented height flexibility.
The current improvements are ready for redevelopment planning, with the cleared interior and exterior providing a straightforward starting point for new construction or a refresh of the existing building footprint.
Key Highlights
- Vacated and cleared 1,282 SF freestanding commercial building on a 5,527 SF lot
- Previously operated as a restaurant
- Zoned for mixed‑use development
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
$20,388
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
4.08%
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%
$407,760
$407.8K
Cap Rate 7%
$291,257
$291.3K
Cap Rate 9%
$226,533
$226.5K
Market Conditions
NOI Build-Up for 1,282 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
$29.2K $22.80/SF
− Vacancy
−$2.0K −$1.60/SF
EGI
$27.2K $21.20/SF
− OpEx
−$6.8K −$5.30/SF
NOI
$20.4K $15.90/SF
Area
Hollywood, FL
Vacancy
7.00%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$407,760
Cap Rate 7%
$291,257
Cap Rate 9%
$226,533
Alternative Uses
Best Use
Specialty Retail
$291.3K
$254.9K – $339.8K
NOI $20,388 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$501.5K
$438.8K – $585.1K
NOI $35,106 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,040
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33023, FL
66,749
Population
22,450
Households
3
Avg Household Size
38
Median Age
20%
College-Educated
84%
High-School Grad
8.8 sq mi
ZIP Area
7,585
Density / Sq Mi
$70,003
Median Household Income
$35,093
Median Earnings
$1,621
Median Rent
$344,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Vacated and cleared freestanding building on a 5,527 sq. ft. lot, zoned for mixed-use development up to 80 feet.
Where is this conventional restaurant located?
The property is located at 6028 Washington Street Hollywood, FL.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Vacated and cleared 1,282 SF freestanding commercial building on a 5,527 SF lot; Previously operated as a restaurant; Zoned for mixed‑use development
