324 Van Buren StHollywood, FL 33019

Property Details for 324 Van Buren St

Year built

1954

Construction

WOOD FRAME

Lot size

0.07 AC

Property size (Sq ft)

2,367 SF

Zone code

BRT-25-R

Property type

Hotels

APN

51-42-13-01-2620

APU

514213012620

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $961,868

  6.5%

  $887,878

  7%

  $824,458

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,385,624

  Geo Method

  $2,385,624

• Alternative Use

  Use

  Valuation

  Residential

  $969,305

  Hospitality

  $887,878

  Educational

  $738,704

  Medical

  $764,110

  Retail

  $1,149,096

Location Insight

City

Hollywood

County

Broward

State

Florida

Latitude

26.0103

Longitude

-80.117

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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