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Van Buren Apartments 1621 Van Buren St 11 Unit Apartment Building $2,300,000 ($209,091/Unit) 6.47% Cap Rate Hollywood, FL 33020
INVESTMENT HIGHLIGHTS
- Fully Occupied with a going in 6.5% Cap Rate! Rents can be raised to market rates to achieve 7+% Cap Rate!
- Steps Away from Young Circle, Shopping, Restaurants, Bars and Beaches, East of US-1 in Hollywood Lakes
- The property comes with a vacant 5k sqft lot!
- Unit Mix: 10 Units are 1 Bed/1Bath and 1 Studio Unit
- Seller Financing available with only 30% Down! Very Attractive Terms
EXECUTIVE SUMMARY
Fausto Commercial is proud to present 1621 Van Buren St, a well-maintained 11-unit multifamily property located east of US1 in the highly desirable Hollywood Lakes neighborhood, just steps from Young Circle. The building includes ten 1-bed/1-bath units and one studio, all with separate electric meters. Spanning 5,058 sq ft on a 10,244 sq ft lot, the property has undergone recent renovations and features a new roof and dedicated parking. At the asking price, it offers a solid going-in cap rate of 6.5%, with the potential to exceed 7% through modest rent increases. Seller financing is available with just 30% down and attractive terms, making this a compelling investment opportunity in a prime redevelopment area with projected pro forma gross income exceeding $225,000.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$224,400
|
$44.37
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$224,400
|
$44.37
|
| Taxes |
$40,000
|
$7.91
|
| Operating Expenses |
$19,760
|
$3.91
|
| Total Expenses |
$59,760
|
$11.81
|
| Net Operating Income |
$164,640
|
$32.55
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $224,400 |
| Annual Per SF | $44.37 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $224,400 |
| Annual Per SF | $44.37 |
| Taxes | |
|---|---|
| Annual | $40,000 |
| Annual Per SF | $7.91 |
| Operating Expenses | |
|---|---|
| Annual | $19,760 |
| Annual Per SF | $3.91 |
| Total Expenses | |
|---|---|
| Annual | $59,760 |
| Annual Per SF | $11.81 |
| Net Operating Income | |
|---|---|
| Annual | $164,640 |
| Annual Per SF | $32.55 |
PROPERTY FACTS Under Contract
| Price | $2,300,000 | Building Class | C |
| Price Per Unit | $209,091 | Lot Size | 0.24 AC |
| Sale Type | Investment | Building Size | 5,058 SF |
| Cap Rate | 6.47% | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1937 |
| Property Subtype | Apartment | Parking Ratio | 0.79/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | LT - LT - LAKES TRANSITION DISTRICT | ||
| Price | $2,300,000 |
| Price Per Unit | $209,091 |
| Sale Type | Investment |
| Cap Rate | 6.47% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 5,058 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1937 |
| Parking Ratio | 0.79/1,000 SF |
| Zoning | LT - LT - LAKES TRANSITION DISTRICT |
AMENITIES
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | $1,700 | - |
| Studios | 1 | $1,400 | - |
Walk Score®
Very Walkable (83)
PROPERTY TAXES
| Parcel Number | 51-42-15-02-3380 | Total Assessment | $1,513,740 |
| Land Assessment | $0 | Annual Taxes | $40,000 ($7.91/SF) |
| Improvements Assessment | $0 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
51-42-15-02-3380
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,513,740
Annual Taxes
$40,000 ($7.91/SF)
Tax Year
2025
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Van Buren Apartments | 1621 Van Buren St
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