November 17, 2021 – Hernando Perez of Horvath & Tremblay has arranged the sale of the Hayes Street Apartments, an eleven (11) unit multi-family property in Hollywood, Florida. Perez represented the seller and procured the buyer to complete the transaction at a sale price of $1,320,000.
The Hayes Street Apartments are located at 2220 Hayes Street and consist of one single story building comprised of eleven (11), 1-Bedroom/1-Bathroom and 2-Bedroom/1-Bathroom units with 7,091 gross leasable square feet. Each unit offers open floor plans, fully equipped kitchens, air-conditioning units & tiled floors throughout. On-site amenities include laundry for additional income, a professionally landscaped courtyard and ample parking. The property offers ease of access to Interstate 95, Sheridan Street, Dixie Highway and Federal Highway (US Route 1). The property benefits from close proximity to South Broward High School, Hollywood Beach Golf Club, West Lake Park & Hollywood North Beach. Additionally, the property is surrounded by national retailers, grocery stores, dinning & major employers. The Hayes Street Apartments are minutes from Downtown Hollywood, Young Circle Park, Fort Lauderdale-Hollywood Intl. Airport, Port Everglades, Dania Pointe Shops & the World-Famous Hollywood Beach Boardwalk. The Hayes Street Apartments are 100% occupied with long term residents on month-to-month leases. The rents are well-below market, offering significant upside through aggressive management and lease-up. The Hayes Street Apartments would benefit from an interior & exterior capital improvement program to substantially increase the underlying value of the asset and achieve a double-digit cash on cash return.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.