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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2007 Ocean Dr Hollywood, FL 33019-3416

    • Motels
    • 5,459 SF
    • 0.25 lot acres
    OFF-MARKET
    Last Sale
    Mar 22, 2022
    $4,250,000
    Value Estimations
    $5,980,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-0923868
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Casa Pellegrino Boutique Hotel / Hotel

    Property Details for 2007 Ocean Dr

    Year built
    1947
    Construction
    CONCRETE
    Lot size
    0.25 lot acres
    Property size
    5,459 SF
    Zone code
    BRT-25-C
    Property type
    Motels
    APN
    51-42-12-01-1370
    APU
    514212011370

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,560,000
      ML approach
      $6,215,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,240,000
      Market price range: $2.27M - $4.24M
      AI Estimate
      $3,950,000
      Market price range: $1.62M - $4.12M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $4,775,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Hollywood
    County
    Broward
    State
    Florida
    Longitude
    -80.1162
    Latitude
    26.0244
    CBSA code
    33100
    CBSA name
    MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $81,429
    $481,210
    $3,216,110
    $3,697,320
    -
    $481,210
    $3,216,110
    $3,697,320

    Comparable in this City

    • Value Estimation
      $185,000
      5,444 SF

      314 Michigan St

      MOTEL • 5,444 SF
      314 Michigan St, Hollywood, FL 33019-1205
      View Details
    • Value Estimation
      $310,000
      360 SF

      101 Ocean Dr, Unit 312

      HOTEL/MOTEL • 360 SF
      101 Ocean Dr, Hollywood, FL 33019-1729
      View Details
    • Value Estimation
      $290,000
      275 SF

      101 Ocean Dr, Unit 461

      HOTEL/MOTEL • 275 SF
      101 Ocean Dr, Hollywood, FL 33019-1732
      View Details
    • Value Estimation
      $290,000
      275 SF

      101 Ocean Dr, Unit 463

      HOTEL/MOTEL • 275 SF
      101 Ocean Dr, Hollywood, FL 33019-1732
      View Details
    • Value Estimation
      $315,000
      275 SF

      101 Ocean Dr, Unit 473

      HOTEL/MOTEL • 275 SF
      101 Ocean Dr, Hollywood, FL 33019-1753
      View Details
    • Value Estimation
      $310,000
      3,130 SF

      335 Minnesota St, Unit 1-8

      MOTEL • 3,130 SF
      335 Minnesota St, Hollywood, FL 33019-3350
      View Details

    Similar Nearby for Sale

    • $3,950,000

      Hotel Near Hollywood Beach Boardwalk

      Fully operational 12-unit hotel steps from Hollywood Beach Boardwalk.
      2710 N Ocean Dr, Hollywood, FL 33019
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    • $3,950,000

      Hollywood Beach Hotel Near Boardwalk

      Hotel steps from Hollywood Boardwalk and beaches with 12 units.
      2710 N Ocean Dr, Hollywood, FL 33019
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    • $4,999,999

      Hotel Near Hollywood Beach

      Hotel with 16 rooms near Hollywood Beach and Boardwalk.
      322 Nevada St, Hollywood, FL 33019
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    • $2,400,000

      Hollywood Beach Motel For Sale

      Five-unit motel near Hollywood Beach Broadwalk.
      2212 N Surf Rd, Hollywood, FL 33019
      View Details
    • $3,150,000

      Hollywood Hotel - Prime Location

      Boutique Hotel, 7 Rooms, High ROI
      339 Taylor St, Hollywood, FL 33019
      View Details
    • $3,700,000

      Hollywood Beach Hotel Investment

      Prime beachfront hotel, strong income.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Hollywood Beach Retail Space

      Prime Hollywood Beach location, newly remodeled.
      3800 Ocean Dr, Hollywood, FL 33019
      View Details
    • $2,750 /Mo

      Updated Apartment Near Hollywood Boardwalk

      Spacious, updated apartment near the beach, with parking.
      3220 N Surf Rd, Hollywood, FL 33019
      View Details
    • Contact for pricing

      Hollywood Beach Office Suite

      Prime Ocean Drive Office Space, 3 Private Offices
      3800 Ocean Dr, Hollywood, FL 33019
      View Details
    • $33 SF/Yr
      2,186 SF

      Harrison Street Commercial Space Available

      Well-maintained commercial space with high visibility and rear parking.
      1926 Harrison St, Hollywood, FL 33019
      View Details
    • $5,500 /Mo

      Furnished Home Near Hollywood Beach

      Furnished 2-bedroom home, steps from Hollywood Beach.
      316 Walnut 1, Hollywood, FL 33019
      View Details
    • $5 SF/Yr
      15,600 SF

      Industrial Warehouse Space For Rent

      15,600 square foot warehouse space available for rent.
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      View Details
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    2007 Ocean Dr
    Hollywood, FL 33019-3416
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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
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