2704 Polk St Hollywood, FL 33020

Property Details for 2704 Polk St

Property size

19,756 SF

Property type

Residential income homes

Description

This exceptional multifamily investment opportunity in Hollywood, Florida, presents a portfolio of 33 units spread across five buildings situated on a large lot. The property comprises four three-bedroom, two-bathroom homes, each approximately 1,240 square feet, and one detached efficiency unit. Recent upgrades include new tile flooring, kitchens, appliances, and bathrooms throughout. All units are centrally air-conditioned. The property boasts 100% occupancy, generating a substantial net operating income (NOI) of $102,143, representing a 6.72% cap rate on the $1,520,000 asking price. The expansive 19,756 square foot lot provides ample private parking for residents and guests, secured within a fenced community. The property is zoned TC-1, and a 40-year recertification has been completed. This presents a compelling value-add opportunity, with existing approvals for up to 33 residential units, allowing for potential future development to capitalize on the strong rental market. The current annual income is $102,143, with twelve parking spaces available. This is a rare chance to acquire a well-maintained, high-performing multifamily asset with significant upside potential in a desirable Hollywood location.