For Sale
$4,600,000

324 Van Buren StHollywood, FL 33019

20-unit motel, remodeled, high ROI potential.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional value-add investment opportunity presents a fully remodeled, 20-unit hospitality property ideally situated in Hollywood Beach, Florida. The property, known as Sandy Shores, comprises two buildings, each two stories high, totaling 7,281 square feet of net rentable space on a 12,746 square foot lot. Built between 1953 and 1954, the property boasts 14 studios, 4 one-bedroom/one-bathroom units, and 2 two-bedroom/one-bathroom units. All units feature updated ceramic tile flooring, upgraded kitchens, and modern bathrooms. Currently operating as a vacation rental property exclusively through Airbnb, Sandy Shores benefits from its prime location, approximately 350 feet from the renowned Hollywood Beach Broadwalk and a plethora of local attractions. Nearby amenities include the Historic Hollywood Beach Resort, Billy's Stone Crab, Harry Berry Park, Margaritaville Hollywood Beach Resort, and numerous restaurants and entertainment venues. The property is zoned BRT-25-R and offers significant potential for future redevelopment. The asking price is $4,600,000, representing a price per unit of $230,000. The current NOI is $264,338, yielding a 5.75% cap rate, while the pro-forma NOI is projected at $559,024, resulting in a 12.15% pro-forma cap rate. This fee-simple ownership opportunity presents a compelling return on investment in a highly desirable location. The property's address is 324 Van Buren St, Hollywood, FL 33019. APN: 5142-13-01-2620, 5142-13-01-2600.

Highlights

  • 20-unit multifamily investment opportunity, two buildings, steps from Hollywood Beach.
  • Renovated units with ceramic tile floors, updated kitchens and bathrooms.
  • Large lot with potential for future redevelopment.
  • Prime location, approximately 350 feet to Hollywood Beach, Broadwalk, and nearby attractions including the Historic Hollywood Resort, Billy's Stone Crab, Harry Berry Park, and Margaritaville Hollywood Beach Resort.

Property Details for 324 Van Buren St

Property type
Hospitality properties, Motels
Year Built
1953
Buildings
2
Stories
2
Units
20

Location Insight

City
Hollywood
County
Broward
State
Florida
Latitude
26.01047763
Longitude
-80.11697064
324 Van Buren St, Hollywood, Florida

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324 Van Buren St
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