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$ 2,800,000
Est. payment | /mo
9,507 SqFt
$ 2,800,000
Est. payment | /mo
9,507 SqFt
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 9,507 sqft
Price per Sqft $294
MLS Listing ID A12037111
HOA Y/N No
Year Built 1972
Annual Tax Amount $63,325
Lot Size 0.790 Acres
Acres 0.79
Property Sub-Type Multi Family
Property Description
Coral Flats is a 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 and consists of 6 one bedroom units and 8 two bedroom/one bath units, averaging 679 square feet. Coral Flats is currently 100% occupied with average in place rents of $1,734 per unit, reflecting strong intrinsic demand and stable tenancy.Ideally positioned in the heart of Coral Springs, the property is surrounded by affluent demographics and some of the highest rated public schools in Broward County. Withina 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. The surrounding neighborhood is predominantly composed of condominiums and single family homes, enhancing the property's appeal to quality renters seekingstability and strong school zones.With in-place rents below market, Coral Flats offers a clear value-add opportunity. A light interior renovation program—estimated at $10,000 per unit—would allow a new owner to modernize finishes and capture approximately $33,000 of rental upside. Post renovation rents are projected at $1,700 for one bedroom units and $2,100 for two bedroom units, or an average of $1,930 per unit. Six units are already equipped with in unit washers and dryers, providing an additional competitive advantage.
Location
State FL
County Broward
Area 3622
Zoning RM-20
Interior
Interior Features InteriorFeatures
Fireplace No
Exterior
Total Parking Spaces 24
Building
Story 1
Others
Tax ID 484115050210
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Virtual Tour https://www.propertypanorama.com/instaview/mia/A12037111
Listed by Periklis Synanidis CBRE, Inc.
300 Sebastian Blvd, Sebastian, Florida, 32958, United States