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

    2621 Polk St Hollywood, FL 33020

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US19-0901765
    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

    • Commercial real estate

    Property Details for 2621 Polk St

    Year built
    1951
    Property type
    Commercial real estate

    Description

    This exceptional 41,026 square foot land assemblage, located near Hollywood City Hall Circle, presents a remarkable multifamily development opportunity. The property consists of two parcels totaling 41,026 square feet and zoned MC-1, allowing for the construction of a 72-unit residential building. Current plans, which are available to the prospective buyer, include 60 one-bedroom and 12 two-bedroom units, thoughtfully designed around a central green space to maximize natural light and recreational areas. Ample on-site parking is included for residents and guests. The property benefits from its location in one of Hollywood's fastest-growing areas, a highly desirable location for both residents and businesses. The existing plans streamline the approval process, offering a significant advantage for a swift development timeline. Full architectural plans are available for review. Hollywood, Florida, is a vibrant city with beaches, boardwalks, and a thriving business community, encompassing banking, financial services, healthcare, technology, education, and tourism. The city's strategic location and growing demand for market-rate housing make this a prime investment opportunity. This property offers a unique chance to capitalize on the current market trends and contribute to Hollywood's dynamic residential landscape. The existing plans and approvals significantly reduce development time and risk, making this an attractive proposition for experienced developers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Hollywood
    County
    Broward
    State
    Florida
    Longitude
    -80.160038874102
    Latitude
    26.012339365433

    Comparable in this City

    • $8,950,000

      Hollywood Polk Street Assemblage

      Prime Multifamily Land, 2.77 Acres
      0 2742-2720-2723-2741-2704 2710-2621-2631 Polk St, Hollywood, FL 33020
      View Details
    • $3,500,000

      Hollywood Multifamily Development Land

      72-Unit Potential, Prime Location
      2621-2631 Polk St, Hollywood, FL 33020
      View Details
    • $1,130,000
      0.47 Acres

      Hollywood Development Opportunity

      20,500 SF lot with approved plans for 30 units.
      2815 Jackson St, Hollywood, FL 33020
      View Details
    • $899,000

      Hollywood Development Opportunity: Two Lots

      Two adjacent lots in Hollywood with multifamily development potential.
      1932 Dewey St, Hollywood, FL 33020
      View Details
    • $899,000

      Hollywood Development Opportunity

      Two adjacent lots in Hollywood with development potential.
      1928 Dewey St, Hollywood, FL 33020
      View Details
    • $5,000,000
      0.37 Acres

      Hollywood Multifamily Development Opportunity

      Multifamily development opportunity in a high-demand Broward submarket.
      1843 Dewey St, Hollywood, FL 33020
      View Details

    Similar Nearby for Sale

    • $5,000,000
      0.37 Acres

      Hollywood Multifamily Development Opportunity

      Multifamily development opportunity in a high-demand Broward submarket.
      1843 Dewey St, Hollywood, FL 33020
      View Details
    • $8,950,000

      Hollywood Polk Street Assemblage

      Prime Multifamily Land, 2.77 Acres
      0 2742-2720-2723-2741-2704 2710-2621-2631 Polk St, Hollywood, FL 33020
      View Details
    • $3,500,000

      Hollywood Multifamily Development Land

      72-Unit Potential, Prime Location
      2621-2631 Polk St, Hollywood, FL 33020
      View Details
    • $1,130,000
      0.47 Acres

      Hollywood Development Opportunity

      20,500 SF lot with approved plans for 30 units.
      2815 Jackson St, Hollywood, FL 33020
      View Details
    • $899,000

      Hollywood Development Opportunity: Two Lots

      Two adjacent lots in Hollywood with multifamily development potential.
      1932 Dewey St, Hollywood, FL 33020
      View Details
    • $899,000

      Hollywood Development Opportunity

      Two adjacent lots in Hollywood with development potential.
      1928 Dewey St, Hollywood, FL 33020
      View Details

    Similar Nearby for Lease

    • $4,200,000
      10,529 SF

      Hollywood Multifamily Investment Opportunity

      Rare, updated 14-unit building near Hollywood Beach Golf Club.
      930 N 14Th Ct, Hollywood, FL 33020
      View Details
    • $1,595 /Mo

      Renovated Furnished Duplex Apartment

      Renovated, furnished duplex apartment with utilities included, available for rent.
      1719 All Utilities Included, Hollywood, FL 33020
      View Details
    • $1,000 /Mo
      Pending

      Hollywood Apartment For Rent

      Freshly painted 2-bedroom apartment near transit and shopping.
      1840 Lincoln A, Hollywood, FL 33020
      View Details
    • $279 SF/Yr

      Rent Reprieve Auction Membership Dwelling

      Dwelling available through Rent Reprieve Auction Membership.
      1948 Washington St, Hollywood, FL 33020
      View Details
    • $3,314 /Mo

      Refined Living in Hollywood, Florida

      Elegance and effortless living near Arts Park and beaches.
      1809 Jackson St, Hollywood, FL 33020
      View Details
    • $2,400 /Mo

      Hollywood Duplex with Updated Features

      Spacious 2 bed, 2 bath unit near Hollywood Beach.
      1534 Monroe St, Hollywood, FL 33020
      View Details
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    2621 Polk St
    Hollywood, FL 33020
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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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