324 Van Buren St 1-4 Hollywood, FL 33019-1711
This exceptional value-add investment opportunity presents a fully remodeled, 20-unit hospitality property ideally situated in Hollywood Beach, Florida. The property, known as Sandy Shores, comprises two buildings, each two stories high, totaling 7,281 square feet of net rentable space on a 12,746 square foot lot. Built between 1953 and 1954, the property boasts 14 studios, 4 one-bedroom/one-bathroom units, and 2 two-bedroom/one-bathroom units. All units feature updated ceramic tile flooring, upgraded kitchens, and modern bathrooms. Currently operating as a vacation rental property exclusively through Airbnb, Sandy Shores benefits from its prime location, approximately 350 feet from the renowned Hollywood Beach Broadwalk and a plethora of local attractions. Nearby amenities include the Historic Hollywood Beach Resort, Billy's Stone Crab, Harry Berry Park, Margaritaville Hollywood Beach Resort, and numerous restaurants and entertainment venues. The property is zoned BRT-25-R and offers significant potential for future redevelopment. The asking price is $4,600,000, representing a price per unit of $230,000. The current NOI is $264,338, yielding a 5.75% cap rate, while the pro-forma NOI is projected at $559,024, resulting in a 12.15% pro-forma cap rate. This fee-simple ownership opportunity presents a compelling return on investment in a highly desirable location. The property's address is 324 Van Buren St, Hollywood, FL 33019. APN: 5142-13-01-2620, 5142-13-01-2600.
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Dr. lissa M. Agustin, DDS Physician
a. Beach Resort Residential District - BRT-25-R. All properties within BRT-25-R shall meet all applicable codes and regulations as well as Specific Site Requirements, General Site Requirements, Landscape Standards and District Design Standards. See Appendix 1 , for illustration of height and setback requirements. (1) Uses: (a) Main permitted uses: (i) Reside…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
BRT-25-R · Hollywood, FLa. Beach Resort Residential District - BRT-25-R. All properties within BRT-25-R shall meet all applicable codes and regulations as well as Specific Site Requirements, General Site Requirements, Landscape Standards and District Design Standards. See Appendix 1 , for illustration of height and setback requirements. (1) Uses: (a) Main permitted uses: (i) Residential; (ii) Hotels and motels; and (iii) Bed & Breakfast. (b) Special exception: (i) Places of public assembly, including places of worship, meeting halls and fraternal lodges; and (ii) Schools, public or private, including adult educational facilities. (c) Accessory uses: (i) Any use that is customarily associated with the main permitted uses. (d) Prohibited uses: (i) Any other use not listed as a main permitted use. (2) Maximum density: (a) Residential: 25 units per acre (b) Hotel/motel: 50 rooms per acre (3) Building height: (a) North of Tyler Street - 50 feet (b) South of Harrison Street - 65 feet (4) Building setbacks: (a) Building base setbacks: Cross Streets** 20 feet 10 feet for lots less than or equal to 120 feet wide and 80 feet deep and not to include thru lots Ancillary Retail 5 feet for lots less than or equal to 120 feet wide and 80 feet deep and not to include thru lots State Road A1A 10 feet Surf Road 10 feet 5 feet for lots less than or equal to 120 feet wide and 80 feet deep and not to include thru lots Interior 5 feet For lots less than or equal to 40 feet wide and 80 feet deep (single lots), only one side setback is required **Cross Street setbacks may be a minimum of ten feet for up to 40% of the site frontage. (b) Building tower setbacks*** Cross Streets 25 feet 10 feet for lots less than or equal to 120 feet wide and 80 feet deep and not to include thru lots State Road A1A 20 feet 10 feet for lots less than or equal to 120 feet wide and 80 feet deep and not to include thru lots Surf Road 15 feet 10 feet for lots less than or equal to 120 feet wide and 80 feet deep and not to include thru lots Interior 15 feet 5 feet for lots less than or equal to 120 feet wide and 80 feet deep and not to include thru lots ***Cross Street, State Road A1A, and Surf Road building tower setbacks may match building base setbacks for up to 40% of the site frontage. (c) Active liners and uses**** Minimum depths 15 feet ****Active liners shall occur at all levels of parking. Active uses shall occur on the ground floor with the exception of lots smaller than 120 feet wide and 80 feet deep. (5) Off-street parking standards: (a) Notwithstanding the provisions of
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
