2432 Sherman StHollywood, FL 33020

Property Details for 2432 Sherman St

Year built

1972

Property type

Apartment buildings

Description

This exceptional 4-unit apartment building presents a compelling investment opportunity in the desirable Hollywood, Florida area, just moments from the beach. Completely remodeled in 2022, this property boasts a fresh, modern aesthetic and significant upgrades. The building comprises two 2-bedroom, 1-bathroom units and two studio apartments, all featuring updated kitchens with wood cabinets, stainless steel appliances, and quartz countertops. Recent renovations include new electrical panels, a new roof, hurricane impact windows and doors, insulation, and waterproof vinyl flooring. The two larger units benefit from central air conditioning, while the studios are equipped with split mini-AC units. The property also includes seven parking spaces and washer/dryer hookups, presenting an opportunity to add coin-operated laundry for increased revenue. Situated on a 6,733 sq ft lot, the building is zoned RM-9 - MULTIPLE FAMILY DISTRICT. The current occupancy rate is 75%, generating a Net Operating Income (NOI) of $41,293. A pro-forma NOI of $60,493 reflects the potential for increased income with full occupancy. Annual expenses, totaling $28,307, include property taxes ($16,327), landscaping ($600), insurance ($5,500), water ($1,080), and electricity ($4,800). The projected annual gross income is $88,800. This property is ideal for owner-occupants, investors, or those seeking to capitalize on the lucrative short-term rental market. The asking price is $989,000, representing a price per unit of $247,250. The property's location, recent renovations, and strong income potential make it a highly attractive investment. Built in 1972, this single-story building offers a blend of classic charm and modern convenience.

Location Insight

City

Hollywood

County

Broward

State

Florida

Latitude

26.0323

Longitude

-80.157

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