1715 N 16th Ave - Apartments FOR SALE


Hollywood, FL 33020
$8,360,000 USD
954-245-3492
1715 N 16th Ave, Hollywood, FL for Sale
$8,360,000 USD
Apartments - FOR SALE
1/16
null | Request Cap Rate

1715 N 16th Ave
Hollywood, FL 33020


HIGHLIGHTS

  • 44* Unit, Apartment Building Located East of US-1 (Federal Highway) in Hollywood (Currently Operating as 44 Units – Licensed as a Legal 43 Units)
  • Rare Opportunity to Acquire 40+ Units East of Federal Highway (US-1) in Broward County
  • Being Offered for Sale at 9.6x Current Gross Rent and ~8.5 GRM at Market Rents
  • Value Add Opportunity – 1-Bedrooms averaging $1,600 & 2-Bedrooms averaging $1,850
  • Concrete Roof, Central A/C, 3 Laundry Rooms, Elevator, Pool, Storage Rooms
  • Proximate to Federal Highway, Sheridan Street, Hollywood Boulevard, Young Circle, South Broward High School, Hollywood Beach and Downtown Hollywood

OVERVIEW

**OFFERS DUE WEDNESDAY 12/4** The Executive Rental Apartments is a three-story multifamily property built in 1969 and operating as 44 units. The building features concrete block and stucco construction, a flat concrete roof, concrete interior walls, an elevator and central air conditioning. The building spans 29,312 adjusted square feet, and is situated on a 31,629 square foot lot, according to the Broward County Property Appraiser. The unit mix includes (32) standard one-bedroom | one-bathroom apartments with an average in-place rent of $1,599 per month, (5) large one-bedroom | one-bathroom apartments with an average in-place rent of $1,563 per month, (1) two-bedroom | one-bathroom apartment (unit 104, which is non-conforming) currently rented for $1,600 and (6) two-bedroom | two-bathroom apartments with an average in-place rent of $1,908. Additional property amenities and features include an elevator, three laundry rooms (property-owned) and a swimming pool.

FOR SALE DETAILS

PRICE

$8,360,000 USD

PRICE/SF

$285 USD /SF

# OF UNITS

44

PRICE/UNIT

$190,000

CAP RATE

Request Cap Rate

% LEASED

93%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Executive Rental Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1969

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.73 AC

LAND SF

31,799 SF

ZONING

RM-18

APN/PARCEL ID

51-42-10-40-0250

ASK ABOUT THIS PROPERTY

Joseph ThomasMarcus & MillichapMore Info
954-245-3492

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Joseph ThomasMarcus & MillichapMore Info
954-245-3492

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.