Multifamily
Executive Rental Apartments
1715 North 16th Avenue, Hollywood, FL 33020
Listing Price: $8,360,000
Investment Overview
Thomas-Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Executive Rental Apartments located at 1715 North 16th Avenue in Hollywood, Florida. The property is currently operating as 44 units, although it is licensed as a legal 43 units.
SUBJECT PROPERTIES
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.
LOCATION
The Executive Rental Apartments are located east of Federal Highway (US-1) and just north of Taft Steet, providing easy access to Sheridan Street, Hollywood Boulevard, Dixie Highway, Federal Highway (US-1) and Interstate 95. Nearby retailers and points of interest include Eco Golf Club (0.2 miles), WaWa (0.4 miles), CVS Pharmacy (0.8 miles), Publix Supermarket at West Lake Commons (0.9 miles), Hollywood Beach Golf Club (0.9 miles), Walmart Neighborhood Market (1.0 miles), Publix Supermarket at Hollywood Circle (1.1 miles), ArtsPark at Young Circle (1.3 miles) and Bank of America (1.4 miles). Additionally, just a short drive from the property is the Kindred Hospital South Florida (1.6 miles), Yellow Green Farmers Market (2.1 miles), Margaritaville Hollywood Beach Resort (2.8 miles), Hollywood Beach Broadwalk (2.9 miles), Memorial Regional Hospital (3.0 miles), T.Y. Park (3.1 miles), Dania Pointe (3.2 miles) and the Fort Lauderdale/Hollywood International Airport (3.8 miles).
Nearby educational facilities include South Broward High School (0.3 miles), Avant Garde Academy (0.7 miles), Olsen Middle School (1.4 miles) and Dania Beach Elementary School (1.9 miles).
SUMMARY
The Executive Rental Apartments are being offered for sale free and clear of debt at $8,360,000 or $190,000 per unit.
Investment 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
Exclusively Listed By
Listing Price: $8,360,000
Investment 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
Investment Overview
Thomas-Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Executive Rental Apartments located at 1715 North 16th Avenue in Hollywood, Florida. The property is currently operating as 44 units, although it is licensed as a legal 43 units. SUBJECT PROPERTIES 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. LOCATION The Executive Rental Apartments are located east of Federal Highway (US-1) and just north of Taft Steet, providing easy access to Sheridan Street, Hollywood Boulevard, Dixie Highway, Federal Highway (US-1) and Interstate 95. Nearby retailers and points of interest include Eco Golf Club (0.2 miles), WaWa (0.4 miles), CVS Pharmacy (0.8 miles), Publix Supermarket at West Lake Commons (0.9 miles), Hollywood Beach Golf Club (0.9 miles), Walmart Neighborhood Market (1.0 miles), Publix Supermarket at Hollywood Circle (1.1 miles), ArtsPark at Young Circle (1.3 miles) and Bank of America (1.4 miles). Additionally, just a short drive from the property is the Kindred Hospital South Florida (1.6 miles), Yellow Green Farmers Market (2.1 miles), Margaritaville Hollywood Beach Resort (2.8 miles), Hollywood Beach Broadwalk (2.9 miles), Memorial Regional Hospital (3.0 miles), T.Y. Park (3.1 miles), Dania Pointe (3.2 miles) and the Fort Lauderdale/Hollywood International Airport (3.8 miles). Nearby educational facilities include South Broward High School (0.3 miles), Avant Garde Academy (0.7 miles), Olsen Middle School (1.4 miles) and Dania Beach Elementary School (1.9 miles). SUMMARY The Executive Rental Apartments are being offered for sale free and clear of debt at $8,360,000 or $190,000 per unit.