Buy & Hold (Multifamily): (204 Units) Luxury Apartments, Hollywood, FL + $102,000,000

Promise Land Realty
7 days ago
3 min read

Single Family Investment Opportunity

Price

$102,000,000

OFF-MARKET | NEW 2024 LUXURY MULTIFAMILY | DOWNTOWN HOLLYWOOD, FL

Nine Hollywood – 204 Units | Mixed-Use | Forward Yield Opportunity

Promiseland Realty is pleased to present Nine Hollywood, a newly delivered (2024) luxury mixed-use multifamily asset located in the heart of Downtown Hollywood / Young Circle. This institutional-quality property offers strong lease-up momentum, durable retail income, and a compelling forward-yield profile in one of South Florida’s most dynamic infill markets.

Property Overview

• 204 luxury residential units above structured parking

• Ground-floor retail (fully leased)

• Total Building Size: ±123,262 SF• Residential SF: ±116,120 SF• Retail: ±7,142 SF (NNN leases at approx. $65/SF with strong US-1 frontage)

Unit Mix

• 96 Studios (~437 SF)

• 92 One-Bedrooms (~629 SF)

• 16 Two-Bedrooms (~1,019 SF)

• Average Unit Size: ~569 SF

Current Performance

• Occupancy: ~86–87% (178 units occupied)

• Strong leasing velocity

• Average In-Place Rent: ~$2,351/month

• Market Rents on Vacant Units: ~$2,506/month

• Avg. Residential Rent PSF: ~$53 annually

• Current NOI: ~$4.2M

This opportunity is expected to trade on a 2025/2026 forward NOI basis as lease-up stabilizes, rather than trailing T-12 performance.

Investment Highlights

• Forward yield expansion as concessions burn off

• Growing ancillary income (utilities, admin, other income streams)

• Fully stabilized retail enhances NOI durability and downside protection

• Live Local Act (SB102) eligibility confirmed (70+ units within 4-year window), offering potential yield enhancement of approximately 100 basis points, subject to buyer verification and structuring

• Expected pricing in the low-5% cap range on forward NOI, consistent with new-construction infill South Florida assets

Location Advantages

• Steps from Young Circle in a walkable urban core

• Immediate access to US-1 and I-95

• Minutes to Hollywood Beach, Fort Lauderdale International Airport, Port Everglades

• Centrally positioned between Miami and Fort Lauderdale

• Strong renter-by-choice demographic seeking new construction and lifestyle amenities

This is a rare opportunity to acquire a newly delivered South Florida mixed-use asset with built-in NOI growth and favorable legislative tailwinds.

Updated financials, rent roll, and due diligence materials are available upon request. We are happy to walk through forward underwriting assumptions and positioning relative to current South Florida cap rates.

Property Map

Schedule Walkthrough Upon Request

Submit all offers directly to: investments@promiselandrealtyllc.com

Serious inquiries only. Proof of funds required prior to walkthrough or financial release.

All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top.

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