Lee Street Apartments
Closed1958 Liberty Street , Hollywood, FL 33020
Property type
Multifamily
Unit / Space count
12
Price
$1,300,000
Building size
7,184 sf
Rentable area
7,184 SF
Year built
1967
Year renovated
Occupancy
Zoning code
Lot size
0.37 Acres
Sold/status
Sold · Date unknown
Sale price
$1300000
Bedroom count
Property description
Lee Street Apartments is a 12-unit, multifamily property located in the heart of Hollywood, Florida, which is in Broward County. The property was built in 1968 of reinforced concrete, with hip and gable roofs and sits on a corner lot with approximately 0.37-acres of land. The property is located at 1958 Liberty (Lee) Street, south of Sheridan St., east of Dixie Hwy., and west of US 1 in the Royal Poineciana neighborhood, a highly desirable rental market in Hollywood. The Royal Poineciana neighborhood consists primarily of single family homes, condominiums and multifamily buildings of similar age and construction as the subject property. The investment consists of two single story buildings comprised of (12) spacious one-bedroom & one-bathroom apartments totaling approximately 7,200 RSF. All units offer open floor plans, fully equipped kitchens, air-conditioning, tiled floors throughout and impact resistant windows and doors. On-site amenities include owner owned coin operated laundry for additional income, lush landscaped common area courtyard for great curb appeal, plus ample parking for residents and their guests. Rent includes water, sewer and trash. Residents pay for all other utilities. Lee Street Apartments offers an investor the opportunity to purchase a stabilized property that is 100% occupied with long term residents, that's impeccably maintained and where the owner has renovated 80% of the units. The investment is generating solid cash flow with immediate opportunity to raise rents conservatively 9% day one of acquisition. In addition, a new owner can implement an interior upgrade program and substantially increase the underlying value of the asset approximately 20%. As result, the new owner can expect a double digit cash on cash return within 18 months of acquisition. Furthermore, the property is situated in Hollywood's Regional Activity Center (RAC), which has been re-zoned and over time a new owner can implement an exit strategy by capitalizing on future redevelopment opportunities as the path of progress continues to move north of Young Circle to Sheridan Street along the Dixie Hwy. & Federal Hwy./US-1 corridor.
Property highlights
- National Marketing Campaign Sourced 15 Investor Tours & Seven Offers
- Competitive Transaction - Under Contract Within Two Weeks of Marketing
- Buyer Waived Financing Contingency to Secure Investment
- Tremendous Upside Potential of Nearly 20% in Future Rents
- Highly Desirable Location Blocks from Federal Hwy. & North of Young Circle