The subject property is two contiguous fourplexes listed for $750,000 each ($1.5 Million total) located in west portion of Hollywood and contains eight (1/1) apartments. The property presents itself as a value-add opportunity due to the rents being approximately over 50% below market value with each unit renting at approximately $1000 per month. Market rent is estimated at $1500 per month.
Hollywood is experiencing a tremendous renaissance with the majority of new construction consisting of residential development. The area is considered to have the 2nd largest supply pipeline across all Fort Lauderdale submarkets.
The subject property provides a unique opportunity to take advantage of the strong demographics and demand whereby creating value by repositioning the asset.