5525 41St St, Hollywood, FL 33023

Property Details for 5525 41St St

Year built

1976

Property type

Commercial real estate

Description

This exceptional 82-unit apartment building in Pembroke Park, Florida presents a compelling value-add opportunity. Built in 1976 and renovated in 2023, this three-story, concrete-block structure boasts 82,000 square feet of net rentable space and currently enjoys 91.5% occupancy (as of June 30, 2024). The property features 122 parking spaces and benefits from a strong pro-forma NOI of $1,251,245. Significant capital improvements exceeding $1.5 million have already been implemented, including 39 fully renovated units showcasing upgraded kitchens and bathrooms with modern finishes like shaker cabinets, quartz countertops, and stainless-steel appliances. These renovations have yielded impressive rent premiums. The remaining units offer a clear path for continued value enhancement through further renovations, capitalizing on the current market demand. The property's prime location provides easy access to major highways (I-95 and the Florida Turnpike), placing it within close proximity to significant employment centers in Aventura, Fort Lauderdale, and Miami. Nearby amenities include abundant retail options, including Publix, Winn-Dixie, and Burlington, as well as Hard Rock Stadium and Aventura Mall. The robust Broward County job market, with a low unemployment rate and projected job growth, further strengthens the investment potential. This asset offers a unique blend of immediate cash flow and significant upside potential for a savvy investor.

Location Insight

City

Hollywood

County

Broward

State

Florida

Longitude

-80.196859

Latitude

25.9735661