| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Poor |
| Demographics | 57th | Good |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1720 Cleveland St, Hollywood, FL, 33020, US |
| Region / Metro | Hollywood |
| Year of Construction | 1972 |
| Units | 48 |
| Transaction Date | 2022-10-27 |
| Transaction Price | $9,350,000 |
| Buyer | MAYAN SPRINGS LLC |
| Seller | 1720 CLEVELAND APARTMENTS LLC |
1720 Cleveland St, Hollywood FL Multifamily Investment
Inner-suburb location with strong neighborhood renter concentration and daily-needs amenities supports a durable tenant base, according to WDSuite s CRE market data. Emphasis on leasing execution and pricing discipline can position this asset competitively within Hollywood s rental market.
Hollywood s inner-suburb setting delivers everyday convenience that underpins renter appeal. Neighborhood amenities test well versus national benchmarks restaurants and grocery access score in the mid-90s percentiles nationwide providing depth for daily needs and service employment. This amenity density can aid leasing velocity and retention for workforce-oriented assets.
The neighborhood is competitive among Fort Lauderdale Pompano Beach Sunrise neighborhoods (rank 95 of 345; B+ rating), with a renter-occupied share near the top decile nationally. That elevated renter concentration indicates a deep tenant pool and consistent demand for multifamily units, though owners should expect active competition on concessions and renewal management. Median home values sit in a higher-cost ownership context (approximately 75th percentile nationally), which tends to sustain reliance on rentals and can support occupancy stability over time.
Occupancy at the neighborhood level tracks below national medians, signaling the need for hands-on leasing and asset positioning to capture demand. Balanced underwriting should factor in traffic generation, renewal strategy, and unit turns, particularly for smaller floor plans. At the same time, the broader demographic backdrop within a 3-mile radius shows modest population growth to date with a larger increase in household counts and a projected rise through the next five years, pointing to a gradual expansion of the renter pool.
Vintage stock in this part of Hollywood skews mid-century. With a 1972 construction year, this asset is slightly newer than the neighborhood average and can be competitive versus older inventory, while investors should still plan for systems modernization and selective renovations to meet renter expectations. Limited park access locally suggests property-level amenities and on-site activation can help drive retention.
Safety indicators for the neighborhood are around national averages overall, based on CRE market data from WDSuite. Property offense measures benchmark stronger than the national midpoint and have improved year over year, while violent offense readings track closer to the U.S. middle with some recent volatility. For investors, this translates to a context where standard multifamily safety practices and lighting, access control, and community engagement remain prudent for leasing and retention.
Proximity to diversified employers supports renter demand and commute convenience for workforce households, with corporate offices spanning automotive retail, healthcare, logistics, and energy appearing within typical drive times.
- AutoNation automotive retail HQ (6.7 miles) HQ
- Johnson & Johnson healthcare & consumer products offices (12.7 miles)
- Mosaic chemicals & agribusiness offices (14.6 miles)
- Ryder System logistics & transportation HQ (18.5 miles) HQ
- World Fuel Services energy services HQ (19.7 miles) HQ
This 48-unit, 1972 vintage Hollywood property sits within an amenity-rich inner suburb where renter-occupied housing is prevalent, supporting a broad tenant base. According to CRE market data from WDSuite, neighborhood occupancy trends warrant active leasing management, yet elevated ownership costs relative to national norms and steady household growth within a 3-mile radius point to sustained multifamily demand. The vintage creates a path for targeted value-add and systems upgrades to sharpen competitive positioning against older stock.
Forward-looking demographics indicate rising household counts and smaller average household sizes in the area, which typically expands the renter pool and supports absorption for compact unit mixes. Affordability pressure (higher rent-to-income readings locally) suggests disciplined renewal practices and amenity-driven retention strategies can be key to stable cash flow.
- Amenity-rich inner-suburb location with strong grocery and dining access that supports leasing velocity and retention.
- Deep neighborhood renter base and higher-cost ownership market reinforce reliance on rentals and demand depth.
- 1972 construction offers value-add and systems-modernization opportunities to compete against older inventory.
- 3-mile household growth and smaller household sizes point to a gradually expanding renter pool.
- Risks: neighborhood occupancy lags national norms and affordability pressures require careful pricing and renewal strategy.