Van Buren Street Apartments
Closed2401 Van Buren Street , Hollywood, FL 33020
Property type
Multifamily
Unit / Space count
41
Building size
26,043 SF
Lot size
1.76 acres
Sold/status
Sold · Date unknown
Sale price
$6000000
Property description
Van Buren Street Apartments is a two building, multifamily investment portfolio totaling 41-units, located in the heart of Hollywood, Florida, which is in Broward County. One building was built in 1968 with reinforced concrete and a concrete flat roof and the second building was built in 1988 with reinforced concrete and a built-up roof. Combined, the assets sit on 1.72 acres of land. The first building is located at 2401 Van Buren Street on the corner of Van Buren & South 24th Ave. The second building is located at 2435 Van Buren Street. Properties are conveniently located a block east of the Hollywood City Hall, one block south of Hollywood Blvd., just west of Dixie Hwy and Young Circle. The neighborhood consists primarily of single family homes, condominiums and multi-family buildings of similar age and construction as the subject property. The investment opportunity consists of (2) two story buildings with a very attractive unit mix of (1) studio & one-bathroom, (24) one- bedroom & one-bathroom, (4) one-bedroom & one and a half bathroom and (12) two-bedroom & two-bathroom apartments totaling approximately 26,040 RSF. All units offer central air conditioning and renovated units include new kitchen cabinets, stainless-steel appliances and granite counter-tops in select units. Bathrooms renovations include new vanities, low flow toilets, tubs, fixtures and new tile work. The properties offers on site amenities such as laundry facilities and ample parking for tenants and their guests. Water, sewer and trash are included in the rent. Residents pay for all other utilities. Van Buren Street Apartments offers an investor the opportunity to purchase a well-located, re-positioned, stabilized, turnkey asset where the current owner has made significant capital improvements in one of the most desirable rental sub-markets of Hollywood near Downtown City Hall and Young Circle. In addition, the offering has attractive in-place income with upside in rents and the potential for future redevelopment as the assets are near several of the Hollywood CRA Districts in the City Core.
Property highlights
- Stable, Turnkey Asset, 100% Occupied, with Attractive In-Place Income
- Renovated Units Include: New Kitchen Cabinets, Granite Counters & Stainless-Steel Appliances in Select Units
- Bathroom Renovations include: New Vanities, Low Flow Toilets, Bath Tubs & New Tile Work
- Proximity to Revitalized Downtown Hollywood, City Hall, Young Circle, Major Employers, Amazing Local Eateries & World-Famous Hollywood Beach Boardwalk
- Ease of access to I-95, the Florida Turnpike, Hollywood Blvd., Dixie Hwy., & US-1
- Nearby $1.65 Billion Planned Real Estate Development for the City of Hollywood & Multiple CRA Districts within the City Core