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... Read more 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 propertys 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.