1848 Madison Street, located in Hollywood, FL 33020. The Property was built in 1952 and has the following mix: one-efficiency, four one-bedroom/one-bathroom units and one two bedrooms/two-bathrooms unit. It has 3,780 rentable square feet on a .25 acres lot. 1848 Madison Street is located several short blocks from Young Circle and a five-minute drive to Hollywood Beach. The garden-style apartment complex offers four covered parking spots and on-site laundry facility. It has been kept in immaculate condition and is well landscaped.
In the local Hollywood area, there are plenty of new entertainment activities, parks, and public/private schools. In addition, the Florida Hollywood Boulevard Project is investing in all new concrete sidewalks, new paving for major roads, and creating bike lines to make Hollywood a safer environment. Hollywood is continuing to rapidly grow which is driving demand for renters to move in the area. It is currently listed for $855,000 which equates to $226.19 per square and 142,500 per unit.
That asking price will give the investor a 4.8% CAP (includes already a 5% vacancy reserve, a 5% management fee and a 3.2% repairs reserve)
Rents are about $50 per month below market and are in a month to month contract.
All tenants are screened and some have over year old.
If interested, I will send you a complete Offering Memorandum, please send me your best email.
Have an amazing 2019!
Updated 10 months ago
Price has been lowered to $800,000 and the CAP is now 5.12% a year.
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