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    Property profile & analytics

    2741 Polk St Hollywood, FL 33020

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-8435314
    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 2741 Polk St

    Property type
    Commercial real estate

    Description

    This exceptional 1.38-acre (60,024 sq ft) land parcel in Hollywood, Florida, presents a remarkable opportunity for multifamily development. Zoned TC-1/MC-1, it boasts complete approvals for a 90-unit boutique apartment complex, comprising two four-story buildings, each with 45 units. The approved plans encompass approximately 79,000 square feet of development, yielding 66,312 square feet of net leasable residential space and 110 parking spots. The project is "shovel-ready," allowing for immediate commencement of construction upon acquisition. Currently generating over $15,000 in monthly income from existing month-to-month tenants, this property offers immediate revenue potential while development plans are underway. Located at 2741 Polk St, Hollywood, FL 33020, this site benefits from its proximity to major highways and transportation hubs, providing convenient access to Miami and Fort Lauderdale. The asking price is $4,450,000. This is a truly unique opportunity to capitalize on the thriving Hollywood real estate market. The unit mix includes a combination of one- and two-bedroom apartments.

    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
    -80.162849349368
    Latitude
    26.012262148384

    Comparable in this City

    • $5,000,000
      0.37 Acres

      Hollywood Multifamily Development Opportunity

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    • $1,420,000
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      Corner Lot Development Opportunity

      Two parcels totaling 12,504 SF, prime Hollywood location.
      136 N 24Th Ave, Hollywood, FL 33020
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    • $999,000
      0.18 Acres

      Approved Site Plan in Hollywood

      8,000 sqft corner lot with approved 4-story building plans.
      307 S 24Th Ave, Hollywood, FL 33020
      View Details
    • $960,000
      0.11 Acres

      Hollywood Mixed-Use Redevelopment Opportunity

      Three adjacent properties with investment and redevelopment potential in Hollywood.
      2243 Simms St, Hollywood, FL 33020
      View Details
    • $4,450,000

      Hollywood 90-Unit Multifamily Land

      Shovel-ready, 90-unit multifamily development.
      0 2720-2723-2741-2742 Polk St, Hollywood, FL 33020
      View Details
    • $1,850,000

      Land Near Downtown Hollywood

      13,550 SF land near Young Circle, Downtown Hollywood.
      1741 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
    • $1,420,000
      0.29 Acres

      Corner Lot Development Opportunity

      Two parcels totaling 12,504 SF, prime Hollywood location.
      136 N 24Th Ave, Hollywood, FL 33020
      View Details
    • $999,000
      0.18 Acres

      Approved Site Plan in Hollywood

      8,000 sqft corner lot with approved 4-story building plans.
      307 S 24Th Ave, Hollywood, FL 33020
      View Details
    • $960,000
      0.11 Acres

      Hollywood Mixed-Use Redevelopment Opportunity

      Three adjacent properties with investment and redevelopment potential in Hollywood.
      2243 Simms St, Hollywood, FL 33020
      View Details
    • $4,450,000

      Hollywood 90-Unit Multifamily Land

      Shovel-ready, 90-unit multifamily development.
      0 2720-2723-2741-2742 Polk St, Hollywood, FL 33020
      View Details
    • $1,850,000

      Land Near Downtown Hollywood

      13,550 SF land near Young Circle, Downtown Hollywood.
      1741 Dewey St, Hollywood, FL 33020
      View Details

    Similar Nearby for Lease

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      Hollywood Multifamily Investment Opportunity

      Rare, updated 14-unit building near Hollywood Beach Golf Club.
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    • $1,595 /Mo

      Renovated Furnished Duplex Apartment

      Renovated, furnished duplex apartment with utilities included, available for rent.
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      Rent Reprieve Auction Membership Dwelling

      Dwelling available through Rent Reprieve Auction Membership.
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      Hollywood Duplex with Updated Features

      Spacious 2 bed, 2 bath unit near Hollywood Beach.
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    • $1,445 /Mo
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      Updated Apartment Near Hollywood Amenities

      Modern 1 bedroom, 1 bath apartment in Hollywood, Florida.
      1639 Madison St, Hollywood, FL 33020
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    2741 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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