2414 Johnson St Hollywood, FL 33020
- Commercial real estate
- 7,623 SF
- 0.48 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 2414 Johnson St
- Year built
- 1957
- Lot size
- 0.48 lot acres
- Property size
- 7,623 SF
- Property type
- Commercial real estate
Description
This exceptional 17-unit apartment building presents a compelling value-add opportunity in the thriving Hollywood, Florida market. Located at 2414 Johnson St, this fee-simple property boasts 7,623 square feet across two buildings (one-story and two-story) on a 0.48-acre lot. Built in 1957 and renovated between 2016 and 2017, the property features a desirable unit mix: three two-bedroom/one-bathroom, six one-bedroom/one-bathroom, and eight studio units. Each unit includes a fully equipped kitchen, through-wall air conditioning, and tiled floors. The property includes 19 parking spaces and an unused laundry facility with potential for additional income. All utilities are currently paid by the owner, with each building having its own septic tank and drain fields. The asking price is $3,060,000, representing $401 per square foot and $180,000 per unit. The property enjoys a 6.43% cap rate and a pro-forma NOI of $196,843. Its strategic location between I-95 and US Route 1, near major employers, including the Seminole Hard Rock Hotel & Casino, Hollywood/Fort Lauderdale International Airport, and Port Everglades, ensures strong rental demand. The surrounding area comprises primarily single-family homes and similar multifamily buildings, creating a stable and desirable neighborhood. This property offers significant upside potential through effective management and lease-up, along with potential capital improvements to further enhance value and achieve a double-digit cash-on-cash return. The strong rental market, coupled with the property's desirable unit mix and convenient location, makes this a truly exceptional investment opportunity. The area's robust demographics, with over 162,200 people and 95,100 employees within a 3-mile radius, further solidify its investment potential. The recent expansion of gaming at the Seminole Hard Rock Hotel & Casino is expected to boost tourism and rental demand in the long term.
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
- -80.155286
- Latitude
- 26.018245
