2134 Lincoln St - Apartments FOR SALE


Hollywood, FL 33020- North Central Hollywood
$4,130,000 USD
954-529-3017
2134 Lincoln St, Hollywood, FL for Sale
$4,130,000 USD
Apartments - FOR SALE
1/19
null | 5.72% Cap Rate

2134 Lincoln St
Hollywood, FL 33020
North Central Hollywood


HIGHLIGHTS

  • Long term owner
  • Value Add Opportunity
  • Strong Rental Market
  • 23 of 25 units in the Lincoln Towers
  • Good mix of 1 & 2-bedroom units
  • Select Units have been renovated

OVERVIEW

Lincolnwood Towers is a 25-unit condominium building and we are pleased to offer 23 of the units for sale. The community was built in 1969 and the offering has a mix of sixteen one-bedroom & one-bathroom units at about 600 SF and seven two-bedroom & two-bathroom units at about 932 SF. Lincolnwood Towers is a two-story building that sits on about a .94-acre lot with a high-density zoning that consists of a 3.0 FAR and allows up to 140 foot height restriction. The building was built in 1969 and water, sewer and trash removal are paid for by the owner through the HOA. The Seller has fully renovated several units and has obtained rental rates that were about a $200-$300 premium for the renovated versus non-renovated units. The Seller has also submitted an application to the City of Hollywood CRA for the Property Improvement Program to obtain a grant for exterior upgrades. The Seller intends to use the proceeds for new windows, exterior paint and landscaping upgrades. This process can be assumed by a Buyer is they wish to continue with the process. The building is a “U” shaped building with a large, fenced in grassy courtyard area in the center of the property. There are two parking lots as well as additional parking in front of the building. The community also has a laundry room and large mature trees that provide a lot of shade for the residents and the community. Lincolnwood Towers is located on Lincoln Street just west of Dixie Highway. The property is in a very strong rental market and the area is zoned for higher density mixed use buildings which will help contribute to future growth of the area. The property is just east of the Beachside Montessori Village, a Pre K to 8th Grade Montessori Magnet School of Broward County Public Schools with a total Enrollment of 780 students. Adjacent to Beachside Village is Lincoln Park, a City Park with playgrounds, picnic areas, walking path, gazebo, basketball courts and softball field.

FOR SALE DETAILS

PRICE

$4,130,000 USD

PRICE/SF

$110 USD /SF

# OF UNITS

23

PRICE/UNIT

$179,565

CAP RATE

5.72%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lincolnwood Towers

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1969

PARKING SPACES

30

LAND DETAILS

LAND ACRES

0.94 AC

LAND SF

40,946 SF

ZONING

DH-3

APN/PARCEL ID

51-42-16-AF-0010,51-42-16-AF-0020,51-42-16-AF-0030,51-42-16-AF-0040,51-42-16-AF-0050,51-42-16-AF-0060,51-42-16-AF-0070,51-42-16-AF-0080,51-42-16-AF-0090,51-42-16-AF-0100,51-42-16-AF-0110,51-42-16-AF-0120,51-42-16-AF-0130,51-42-16-AF-0140,51-42-16-AF-0150,51-42-16-AF-0160,51-42-16-AF-0170,51-42-16-AF-0180,51-42-16-AF-0190,51-42-16-AF-0200,51-42-16-AF-0210,51-42-16-AF-0220,51-42-16-AF-0230,51-42-16-AF-0240,51-42-16-AF-0250

ASK ABOUT THIS PROPERTY

Felipe EcharteMarcus & MillichapMore Info
954-529-3017

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Felipe EcharteMarcus & MillichapMore Info
954-529-3017

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.