Multifamily

2216 Fillmore

2216 Fillmore St, Hollywood, FL 33020

Listing Price: $1,300,000

Cap Rate
5.06%
Number of Units
10
GRM
12.42
Occupancy
97.0%
Price/Unit
$130,000
Price/Gross SF
$245.28
Gross SF
5,300

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale 2216 Fillmore (herein referred to as "the property") a 10-unit apartment community comprised of three rental buildings situated on one parcel of land in the city of Hollywood, Florida. The property consists of two quadplexes and one duplex all situated on one .46 acre parcel of land. There are four studio, four one-bedroom and two two-bedroom floor plans. Two buildings were constructed of concrete block in 1955 and the other building was constructed in 1975. The property has a total of twelve electric meters, two of which are house meters (one shared by both buildings constructed in 1955) and the remainder serve each individual unit. Electricity is paid for by the residents while water, sewer, and trash removal are paid for by the owner.

The building constructed in 1975 has central air conditioning, while the buildings constructed in 1955 have wall air conditioning. The property has a laundry room for the convenience of the residents and features close proximity to Young Circle, which affords residents an array of shopping, dining and entertainment options. Additionally, the property is fully equipped with a security camera system that new ownership can configure for remote access and on-site storage. The property also has close proximity to Hollywood Central Elementary School as well as the Hollywood Performing Arts Center. The property has excellent access and proximity to attractions, amenities, employment and education opportunities found in the immediate submarket as well as the rest of South Florida. Furthermore, the city of Hollywoods recent development explosion has fueled the growth of a demographic shift to young professionals as well as significant rental growth throughout the city, which will enhance the current and future potential of this offering. New ownership should be able to take advantage of expected rent growth over time in addition to raising current below-market rents to market levels.

The property affords an investor a unique opportunity to acquire a well-located multifamily community in Hollywood, with significant upside in rents. Furthermore, due to current ownerships meticulous maintenance of the property, a new owner should be able to maximize potential rents through interior renovations with minimal unexpected capital expenditures.

Investment Highlights

  • Two Roofs Replaced Within Last Few Years
  • Mix of Studio, One-Bedroom, and Two-Bedroom Floor Plans
  • Several Air Conditioning Units Replaced Within Last Few Years
  • Meticulously Maintained with Little Deferred Maintenance
  • Close Proximity to Young Circle
  • Close Proximity to Interstate-95, which Provides Access to All of South Florida

Exclusively Listed By

Listing Price: $1,300,000

Cap Rate
5.06%
Number of Units
10
GRM
12.42
Occupancy
97.0%
Price/Unit
$130,000
Price/Gross SF
$245.28
Gross SF
5,300

Investment Highlights

  • Two Roofs Replaced Within Last Few Years
  • Mix of Studio, One-Bedroom, and Two-Bedroom Floor Plans
  • Several Air Conditioning Units Replaced Within Last Few Years
  • Meticulously Maintained with Little Deferred Maintenance
  • Close Proximity to Young Circle
  • Close Proximity to Interstate-95, which Provides Access to All of South Florida

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale 2216 Fillmore (herein referred to as "the property") a 10-unit apartment community comprised of three rental buildings situated on one parcel of land in the city of Hollywood, Florida. The property consists of two quadplexes and one duplex all situated on one .46 acre parcel of land. There are four studio, four one-bedroom and two two-bedroom floor plans. Two buildings were constructed of concrete block in 1955 and the other building was constructed in 1975. The property has a total of twelve electric meters, two of which are house meters (one shared by both buildings constructed in 1955) and the remainder serve each individual unit. Electricity is paid for by the residents while water, sewer, and trash removal are paid for by the owner.

The building constructed in 1975 has central air conditioning, while the buildings constructed in 1955 have wall air conditioning. The property has a laundry room for the convenience of the residents and features close proximity to Young Circle, which affords residents an array of shopping, dining and entertainment options. Additionally, the property is fully equipped with a security camera system that new ownership can configure for remote access and on-site storage. The property also has close proximity to Hollywood Central Elementary School as well as the Hollywood Performing Arts Center. The property has excellent access and proximity to attractions, amenities, employment and education opportunities found in the immediate submarket as well as the rest of South Florida. Furthermore, the city of Hollywoods recent development explosion has fueled the growth of a demographic shift to young professionals as well as significant rental growth throughout the city, which will enhance the current and future potential of this offering. New ownership should be able to take advantage of expected rent growth over time in addition to raising current below-market rents to market levels.

The property affords an investor a unique opportunity to acquire a well-located multifamily community in Hollywood, with significant upside in rents. Furthermore, due to current ownerships meticulous maintenance of the property, a new owner should be able to maximize potential rents through interior renovations with minimal unexpected capital expenditures.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower