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Polk Apartments 2314 Polk St 13 Unit Apartment Building $2,900,000 ($223,077/Unit) 6.83% Cap Rate Hollywood, FL 33020
INVESTMENT HIGHLIGHTS
- Fully Occupied Property – Currently generating $215,400 in gross income with 33% rental upside through lease adjustments.
- Recent Capital Improvements – New roof, central A/C, fresh exterior paint, updated landscaping, and renovated interiors for some units.
- Redevelopment Potential – 20,000 SF lot with zoning allowing up to 37 units—great for future development.
- Strong Unit Mix – Ten 1-bed units, two 2-bed units, and one studio—ideal for tenant stability and demand.
- Additional Income Sources – Coin-operated laundry and ample on-site parking for tenant convenience.
- Ample On-Site Parking – Convenient parking available for all tenants.
EXECUTIVE SUMMARY
We are pleased to present 2314 Polk St, a fully occupied 13-unit multifamily asset located just minutes from Young Circle and downtown Hollywood. The property features ten large 1-bedroom units, two 2-bedroom units, and one studio— offering an ideal mix for long-term rental stability and tenant demand. Recent upgrades include a brand-new roof, central A/C systems, freshly painted exterior, updated landscaping, and several renovated interiors. Additional income is generated through a coin operated laundry room, and the property offers ample on-site parking for tenant convenience. All leases are currently month-to-month, with rents approximately 33% below market— allowing for immediate upside. The property operates at a 5.5% cap rate with a pro forma of 7%. Sitting on a 20,000 SF lot with favorable zoning, the site allows for redevelopment of up to 37 units, making this an outstanding opportunity for both investors and developers seeking value and long-term potential.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$215,400
|
$30.34
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$215,400
|
$30.34
|
| Taxes |
$36,984
|
$5.21
|
| Operating Expenses |
$25,652
|
$3.61
|
| Total Expenses |
$62,636
|
$8.82
|
| Net Operating Income |
$152,764
|
$21.52
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $215,400 |
| Annual Per SF | $30.34 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $215,400 |
| Annual Per SF | $30.34 |
| Taxes | |
|---|---|
| Annual | $36,984 |
| Annual Per SF | $5.21 |
| Operating Expenses | |
|---|---|
| Annual | $25,652 |
| Annual Per SF | $3.61 |
| Total Expenses | |
|---|---|
| Annual | $62,636 |
| Annual Per SF | $8.82 |
| Net Operating Income | |
|---|---|
| Annual | $152,764 |
| Annual Per SF | $21.52 |
PROPERTY FACTS Under Contract
| Price | $2,900,000 | Building Class | C |
| Price Per Unit | $223,077 | Lot Size | 0.43 AC |
| Sale Type | Investment | Building Size | 7,100 SF |
| Cap Rate | 6.83% | Average Occupancy | 100% |
| No. Units | 13 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1973 |
| Property Subtype | Apartment | Parking Ratio | 2.54/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | TC-1, Hollywood - Multifamily | ||
| Price | $2,900,000 |
| Price Per Unit | $223,077 |
| Sale Type | Investment |
| Cap Rate | 6.83% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.43 AC |
| Building Size | 7,100 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1973 |
| Parking Ratio | 2.54/1,000 SF |
| Zoning | TC-1, Hollywood - Multifamily |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $1,500 | - |
| 1+1 | 9 | $1,700 | - |
| 2+1 | 2 | $2,250 | - |
1 1
Walk Score®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 51-42-16-01-3280 | Total Assessment | $1,590,020 (2025) |
| Land Assessment | $0 (2025) | Annual Taxes | $36,984 ($5.21/SF) |
| Improvements Assessment | $0 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
51-42-16-01-3280
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$1,590,020 (2025)
Annual Taxes
$36,984 ($5.21/SF)
Tax Year
2024
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Polk Apartments | 2314 Polk St
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