700 6 St Hallandale Beach, FL 33009
- Commercial real estate
- 3,690 SF
Current Use by Public Records
- Commercial real estate
Property Details for 700 6 St
- Year built
- 1958
- Property size
- 3,690 SF
- Property type
- Commercial real estate
Description
This exceptional 14-unit multifamily property, situated on a sizable 8,742 square foot lot in desirable Hallandale Beach, Florida, presents a compelling investment opportunity. Built in 1958 with renovations completed 3 years ago, this single-story, Class B building boasts 3,690 square feet of net rentable space, currently achieving a 95% occupancy rate. The property features 8 parking spaces, a significant advantage in this location. The current monthly net operating income (NOI) is $18,000, yielding a 6.5% cap rate. However, a pro-forma NOI of $254,000 projects an impressive 8% cap rate, reflecting the potential for increased profitability through market rent adjustments. Each of the 14 units is currently rented month-to-month, providing flexibility for future management. The property's strategic location near US-1, Hallandale Beach Boulevard, Gulfstream Park & Casino, and beaches ensures high demand and strong rental income. Priced at $2,260,000, this represents a price per unit of $184,538 and a price per square foot of $612.47. The property is zoned for multi-family use and offers significant potential for value appreciation in this rapidly growing market. This is a cash-flowing asset with strong potential for future growth. The property's current management practices ensure smooth operations and high tenant satisfaction. This is an excellent opportunity for an owner/user or investor seeking a stable, high-return investment in a prime South Florida location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hallandale Beach
- County
- Broward
- State
- Florida
- Longitude
- -80.1415
- Latitude
- 25.9921
