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Coral Flats 8430 NW 40th St 14 Unit Apartment Building $3,000,000 ($214,286/Unit) 5.80% Cap Rate Coral Springs, FL 33065
Investment Highlights
- Enduring Terracotta Roof & Impact Windows
- Homes Adjacent To Property Selling Over $900,000
- Broward Health Coral Springs Is Located Less Than Two Miles Away
Executive Summary
- 14 unit multifamily investment opportunity located at 8430 NW 40th Street in Coral Springs, Florida.
- Built in 1972 with durable concrete construction, the property sits on 0.79 acres
- 6 one bedroom units and 8 two bedroom/one bath units, averaging 679 square feet.
- 100% occupied with average in place rents of $1,734 per unit
- Impact windows, recent new roof, swimming pool
- Excellent demographics. Within three-mile radius, the average household income is $98,000, which supports market rents of approximately $2,450 per month using a standard 30% rent to income ratio.
- Six units are already equipped with in unit washers and dryers
- Built in 1972 with durable concrete construction, the property sits on 0.79 acres
- 6 one bedroom units and 8 two bedroom/one bath units, averaging 679 square feet.
- 100% occupied with average in place rents of $1,734 per unit
- Impact windows, recent new roof, swimming pool
- Excellent demographics. Within three-mile radius, the average household income is $98,000, which supports market rents of approximately $2,450 per month using a standard 30% rent to income ratio.
- Six units are already equipped with in unit washers and dryers
Property Facts
| Price | $3,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $214,286 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.79 AC |
| Cap Rate | 5.80% | Building Size | 10,110 SF |
| Gross Rent Multiplier | 10 | Average Occupancy | 100% |
| No. Units | 14 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1973/2016 |
| Property Subtype | Apartment | Parking Ratio | 2.37/1,000 SF |
| Zoning | RM-20, Coral Springs - resi multi | ||
| Price | $3,000,000 |
| Price Per Unit | $214,286 |
| Sale Type | Investment |
| Cap Rate | 5.80% |
| Gross Rent Multiplier | 10 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.79 AC |
| Building Size | 10,110 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1973/2016 |
| Parking Ratio | 2.37/1,000 SF |
| Zoning | RM-20, Coral Springs - resi multi |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Kitchen
- Granite Countertops
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Yard
- Family Room
- Lawn
Site Amenities
- Laundry Facilities
- Pool
- Security System
- Trash Pickup - Curbside
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $1,600 | 612 |
| 2+1 | 8 | $1,900 | 822 |
Property Taxes
| Parcel Number | 48-41-15-05-0210 | Improvements Assessment | $2,099,090 |
| Land Assessment | $240,910 | Total Assessment | $2,340,000 |
Property Taxes
Parcel Number
48-41-15-05-0210
Land Assessment
$240,910
Improvements Assessment
$2,099,090
Total Assessment
$2,340,000
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Coral Flats | 8430 NW 40th St
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