1715 16Th Ave Hollywood, FL 33020
- Commercial real estate
- 29,312 SF
Current Use by Public Records
- Scaffold Pro / Scaffolding Service
- Levit Immigration Attorney and Services / Immigration Attorney
Property Details for 1715 16Th Ave
- Year built
- 1969
- Property size
- 29,312 SF
- Property type
- Commercial real estate
- APN
- 5142-10-40-0250
Description
This exceptional 44-unit apartment building presents a compelling investment opportunity in Hollywood, Florida. Built in 1969, this three-story property boasts 29,312 square feet on a 31,629 square foot lot, featuring concrete block and stucco construction, a concrete roof, and central air conditioning. The building includes an elevator and three laundry rooms. The unit mix comprises 32 one-bedroom/one-bathroom apartments, 5 larger one-bedroom/one-bathroom units, one non-conforming two-bedroom/one-bathroom unit, and 6 two-bedroom/two-bathroom apartments. Current occupancy sits at 93%, generating a Net Operating Income (NOI) of $452,767, with a pro-forma NOI of $558,648. Additional amenities include a swimming pool. The property is zoned RM-18 and offers a compelling value-add opportunity with potential for increased rental income. Its prime location east of US-1 provides convenient access to major roadways, including Sheridan Street, Hollywood Boulevard, Dixie Highway, and I-95. Nearby amenities include numerous retailers, restaurants, schools (including South Broward High School), and healthcare facilities, as well as Hollywood Beach and the Fort Lauderdale/Hollywood International Airport. The asking price is $8,360,000, or $190,000 per unit. This represents a 5.42% cap rate, with a pro-forma cap rate of 6.68%. The property is offered fee simple.
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
- Hollywood
- County
- Broward
- State
- Florida
- Longitude
- -80.13919568
- Latitude
- 26.02681964
