| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Best |
| Demographics | 55th | Fair |
| Amenities | 67th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2940 Solano Ave, Hollywood, FL, 33024, US |
| Region / Metro | Hollywood |
| Year of Construction | 2013 |
| Units | 114 |
| Transaction Date | 2015-09-01 |
| Transaction Price | $55,700,000 |
| Buyer | MORGUARD MONTERRA LLC |
| Seller | JAG STAR MONTERA LLC |
2940 Solano Ave Hollywood Multifamily Investment Outlook
Built in 2013, this asset competes well against older neighborhood stock, supporting leasing durability as the area s renter demand remains steady according to WDSuite s CRE market data. Neighborhood occupancy is healthy, suggesting stable renewal prospects rather than lease-up risk.
The property s Inner Suburb location rates A at the neighborhood level and ranks 66 out of 345 Fort Lauderdale metro neighborhoods, placing it in the top quartile locally. Newer construction at the property (2013) compares favorably to the area s average vintage of 1987, indicating competitive positioning versus older product; targeted system updates or common-area refreshes may still be prudent over a long hold.
Livability is supported by everyday amenities. Amenity access is competitive among metro peers (rank 82 of 345; 67th percentile nationally), with solid coverage of groceries and pharmacies relative to national norms. Park access is limited in this immediate neighborhood, which may modestly temper outdoor-recreation appeal; operators can offset with on-site programming or nearby private amenities where feasible.
For rental dynamics, neighborhood occupancy trends are competitive among metro areas (rank 136 of 345; mid upper national percentiles), and the share of renter occupied housing is elevated for the region (41.5% renter concentration; competitive among metro peers, 81st percentile nationally). Higher ownership costs in the area (home values in the upper national percentiles and value to income ratios also elevated) reinforce reliance on multifamily housing, which can support retention and pricing power over time.
Demographic statistics aggregated within a 3 mile radius point to a growing tenant base: households increased in recent years and are projected to expand meaningfully through 2028 alongside a gradual shift toward smaller household sizes. This combination typically supports renter pool expansion and occupancy stability for well located assets in established inner suburban neighborhoods, based on CRE market data from WDSuite.
Neighborhood safety indicators are mixed relative to metro and national benchmarks. Overall crime ranks around the metro middle (149 of 345), aligning near the national midpoint (48th percentile). Property related offenses show improvement, with a notable year over year decline placing the area in stronger national percentiles for that trend, while recent violent offense trends moved higher and sit below national percentiles. Investors should underwrite with current, property level security practices and monitor trend direction rather than relying on single year snapshots.
The submarket draws from a diversified employer base that supports commuter convenience and leasing stability, led by corporate headquarters and regional offices in reasonable driving range: AutoNation, Johnson & Johnson, Ryder System, World Fuel Services, and Mosaic.
- AutoNation corporate offices (8.8 miles) HQ
- Johnson & Johnson corporate offices (9.5 miles)
- Ryder System corporate offices (14.2 miles) HQ
- World Fuel Services corporate offices (16.8 miles) HQ
- Mosaic corporate offices (17.3 miles)
2940 Solano Ave offers a 2013 vintage in an Inner Suburb neighborhood that ranks in the top quartile among 345 metro neighborhoods, positioning the asset favorably versus older nearby stock. Neighborhood occupancy is competitive, and an above average renter concentration supports depth of demand. Elevated ownership costs locally tend to sustain reliance on rental housing, reinforcing renewal prospects for well managed properties.
Within a 3 mile radius, households have grown and are projected to increase meaningfully through 2028 as average household size trends lower a setup that typically expands the renter pool and supports leasing stability. According to commercial real estate analysis from WDSuite, amenity access compares well to metro peers, while limited park coverage and mixed safety trends warrant measured operating plans rather than aggressive assumptions.
- 2013 construction competes well versus older neighborhood stock, with potential for selective value add.
- Competitive neighborhood occupancy and elevated renter occupied share support demand resilience.
- High cost ownership landscape reinforces reliance on multifamily, aiding retention and pricing power.
- 3 mile household growth and smaller household sizes point to a larger tenant base through 2028.
- Risks: limited park access and mixed safety trends require prudent underwriting and on site management focus.