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    7050 Taft St Hollywood, FL 33024

    Sponsored
    For Sale
    $885,000

    Prime Taft St. Office, 1600 SF, High Visibility

    Property size:
    1,600 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This single-story, 1,600 square foot office building in Hollywood, Florida, is situated on a 7,751 square foot lot and offers excellent visibility on Taft Street. Built in 1950 and renovated three years ago, the property boasts 14 parking spaces and is currently 100% occupied by a single tenant under a gross lease expiring December 31, 2024. The lease includes yearly rent bumps and the tenant is willing to relocate for a new owner. The property is zoned for professional service buildings and presents a unique opportunity for owner-users or investors. The asking price is $885,000. This is an individual sole proprietorship offering a prime location with high traffic exposure, making it ideal for a variety of businesses. The property's features include a single building on one story, with a total of 1,600 net rentable square feet. The parcel number is 5141-11-17-2890. This is a freehold ownership opportunity, not a ground lease. The property's location in Hollywood, Broward County, Florida (zip code 33024) provides easy access to major transportation routes and amenities. The current lease provides a short-term opportunity for a new owner to implement their own plans.

    Property Features for 7050 Taft St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    1,600 SF

    Building Details

    Year Built/Renovated
    1950/3
    Buildings
    1
    Stories
    1
    Units
    1

    We can help!

    Listing Contact
    Joaquin Gutierrez

    Learn more

    Property Insight Report

    HighLights

    • 1,600 SF single‑story office building on a 7,751 SF lot in Hollywood, FL.
    • Excellent visibility on Taft Street with 14 parking spaces.
    • 100% occupied with a gross lease expiring 12/31/2024, including annual rent increases; tenant willing to relocate.
    • Zoned for professional services; ideal for owner‑users or investors; asking price $885,000.
    • Freehold ownership in prime Hollywood location (33024), offering easy access to major transportation.
    Property Profile Location Intelligence

    Current Use by Public Records

    Yordy Brito Aguila Nurse Practitioner Jarrod S. Wilner, ... Chiropractor Primary Medical Physicians ... Family Practice Physician Primary Medical Physicians Family Practice Physician Primary NP Care Doctor

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hollywood
    County
    Broward
    State
    Florida
    Longitude
    -80.2282755
    Latitude
    26.0241127

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Taft St. Office, 1600 SF, High Visibility
    Where is this office property / space located?
    The property is located at 7050 Taft St Hollywood, FL.
    What is the asking price?
    The asking price for this property is $885,000.
    What are key features of this property?
    This property features: 1,600 SF single-story office building on a 7,751 SF lot in Hollywood, FL.; Excellent visibility on Taft Street with 14 parking spaces.; 100% occupied with a gross lease expiring 12/31/2024, including annual rent increases; tenant willing to relocate.
    Request Owner's contact information
    7050 Taft St Hollywood, FL 33024
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    Hollywood, FL 33024
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    7050 Taft St Hollywood, FL 33024
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    We can help!
    Listing Contact
    Joaquin Gutierrez
    Real Estate License ID: 0625118
    Learn more
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