Apartment Buildings of 5+ Units
In the following article we'll take a look at the records for comps for an apartment building for sale in Hollywood Florida over the last few months. Our goal is to establish a comparable sales log for apartment buildings of 5 or more units. Whether you're seeking to purchase an apartment building as an investment property, divest yourself of a currently-held asset, or just see if your asset is performing, please read on!
Introduction to Hollywood Florida
The City of Hollywood is a mature and built-out community, where rapid population growth in the 1950s and 1960s has given way to a population that is stable in size but undergoing significant changes in its composition. The October 1997 issue of Money Magazine noted that Hollywood's demographics best represent what the United States will look like in the year 2022. Hollywood's racial diversity, cultural variety, and blend of the old and young are where the country is headed.
The City of Hollywood is the third largest city in Broward County and 12th largest in the State of Florida. Its coastal city of over 130,000 residents located in Broward County, Hollywood is nestled between Fort Lauderdale and Miami. Fort Lauderdale-Hollywood International Airport abuts the city, while Port Everglades, the second busiest cruise port in the world, is partially within its municipal boundaries. Interstate 95, the Florida Turnpike, Tri-County Commuter Rail, and two major railroads cut through the city in a north-south direction. Miami International Airport and the Port of Miami are less than twenty-five miles away, providing further opportunities for Hollywood residents and companies to have access to the global marketplace.
The region is served by a substantial post-secondary educational infrastructure, including Florida Atlantic University, Florida International University, the University of Miami, a number of smaller private universities and colleges, and a community college system.
Hollywood attracts visitors from around the globe who come to stay along the historic Oceanfront Broadwalk. This 2.5-mile pedestrian walkway is just steps from the Atlantic and is lined with shops, restaurants and accommodations to fit every taste and budget. The city also boasts a high quality of life with more than 60 parks, three municipal golf courses and a variety of recreational amenities including a nearly 10-acre urban park Arts Park at Young Circle located in the heart of Downtown Hollywood. The Arts Park continually features outdoor concerts and special events inclusive of a burgeoning arts scene. Recently named a Top 100 Best Communities for Young People, there is no doubt that Hollywood's growth trajectory will continue on its current path well into the years to come.
Hollywood/Dania Beach Rental Market Trends
The Hollywood/Dania Beach Submarket is beginning to grow in popularity, and developers are helping the landscape evolve with the times. The submarket’s lower rents have made it desirable to renters seeking affordable alternatives to Downtown Fort Lauderdale or expensive premier suburban submarkets that lie to the west, such as Pembroke Pines/West Miramar. Development has been mostly sparse this cycle but picked up recently with two new apartment developments delivering in 2018 -Q2. This has caused a spike in vacancies as the communities go through lease-up. Sales volume for the submarket has been strong, with almost $200 million in trades over the past 12 months.
Zoning Considerations
Hollywood-Development-NotesRent Rates for Hollywood Florida
The following are rent surveys for studio, one-bedroom, and two-bedroom apartments in Hollywood, Florida. We invite you to utilize the rent surveys provided below in researching your investment property or a prospective purchase.
That being said, if you're considering selling or acquiring a residential investment property it's best to get the most up-to-date information to support your decision. In this case, please contact Peter Dacko for a complementary Proposal to Market. This Proposal to Market will include the most current rent surveys and other information complied specifically for your subject property.
Hollywood-RentsComps: Apartment Building for sale Hollywood Florida of 5+ Units
The following document is a comparable sales sheet multi-family apartment building for sale Hollywood Florida of 5 or more units.
What are Comparable Sales?
The market or direct sales comparison approach is a strategy to estimate the of value of a property. In this case, we've taken a look at apartment building for sale Hollywood Florida and the surrounding towns that have similar features. Then, we undertake a process of comparing market data - that is, prices paid for similar properties, prices asked by owners, and offers made by prospective buyers or the tenants willing to buy or lease.
Typically a comparison grid is used and adjustments are made to each comparable sale used for major differences between the comparable and the subject property. These adjustments are made for factors like location, construction quality, and significant amenities. In this approach (the market/direct sales approach), the attempts are made to both gauge and reflect the anticipated reaction by a typical purchaser to the subject property.
Why Comparable Sales?
Taking this approach can sometimes have beneficial outcomes for the estimated value of your property as compared to other appraisal strategies. As a broker, it's my job to establish the best value I can in any property I bring to market. That's why I spend the time to create comparable sales sheets and establish the value of my client's property.
Indeed, the selection of comparable sales is in most appraisals is the single most determining factor in establishing the value of the property. It is essential to fully research the local real estate market and determine which comparable sales represent the best value characteristics of the subject property.
If you're interested in receiving the most up-to-date rent surveys and comparable sales for your subject property, please contact me for a complementary Proposal to Market. My firm, Media Realty enables our clients to maximize their net returns by providing the best information. This allows our clients to make the most educated decision in a timely manner. Let us create value for you!
The information contained herein is not a substitute for a thorough due diligence investigation. Media Realty has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information has been obtained from sources we believe to be reliable; however, Media Realty has not verified, and will not verify, any of the information contained herein, nor has Media Realty conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all the information set forth herein.
