8740 40Th St, Coral Springs, FL 33065
30 Unit Apartment Building | $9,500,000 ($316,667/Unit) | Coral Springs, FL 33065
For Sale
Active
Asking Price $9,500,000
- Property Type
-
Multifamily
- Square Feet
- 45,600 SF
Listing Contacts
Calum Weaver
Beatrice Camplone
Perry Synanidis
Property Overview
CBRE is pleased to present Fairway Views, an excellent 5-story value-add investment opportunity featuring - 30 oversized two-bedroom apartment units averaging 1,520 square feet. The property is located in the heart of Coral Springs, surrounded by affluent demographics and highly rated public schools.
Built in 1986, the property is 100% occupied with effective rents of $2,219 per unit – a mere $1.46 PSF. Market rents are $2,535 per unit ($1.67 PSF). Given the large unit sizes, there is a potential to do a light value-add to increase the rents to $2,735 per unit ($1.80 PSF). The in-place below market rents provides upside through 1) eliminating $114,000 in loss-to-lease 2) and improving the unit interiors with modern finishes and receiving $72,000 in rental upside. The elimination of loss-to-lease and value-add upside provides up to $186,000 in additional income. The property sits on an oversized lot totaling 1.72 acres. This equates to a low density of 17 units per acre. The property also features 79 parking spaces allowing for a comfortable 2.63 spaces per unit.
The area immediately surrounding the property has excellent demographics. The property is surrounded by condominiums and single-family homes. Average income in a three-mile radius is $130,000. By using a ratio of 30% of income attributable to rent, the demographics in the immediate area support rents of about $3,270. Nearby public schools are among the best in Broward County which makes the unit mix even more desirable for potential renters.
Coral Springs is one of the strongest suburban rental markets in South Florida. Per CoStar, the submarket has average rents of a little over $2,327 for a two bedroom or $2.07/SF. The average in-place rent at Fairway Views is 42% below the per square foot average.
Built in 1986, the property is 100% occupied with effective rents of $2,219 per unit – a mere $1.46 PSF. Market rents are $2,535 per unit ($1.67 PSF). Given the large unit sizes, there is a potential to do a light value-add to increase the rents to $2,735 per unit ($1.80 PSF). The in-place below market rents provides upside through 1) eliminating $114,000 in loss-to-lease 2) and improving the unit interiors with modern finishes and receiving $72,000 in rental upside. The elimination of loss-to-lease and value-add upside provides up to $186,000 in additional income. The property sits on an oversized lot totaling 1.72 acres. This equates to a low density of 17 units per acre. The property also features 79 parking spaces allowing for a comfortable 2.63 spaces per unit.
The area immediately surrounding the property has excellent demographics. The property is surrounded by condominiums and single-family homes. Average income in a three-mile radius is $130,000. By using a ratio of 30% of income attributable to rent, the demographics in the immediate area support rents of about $3,270. Nearby public schools are among the best in Broward County which makes the unit mix even more desirable for potential renters.
Coral Springs is one of the strongest suburban rental markets in South Florida. Per CoStar, the submarket has average rents of a little over $2,327 for a two bedroom or $2.07/SF. The average in-place rent at Fairway Views is 42% below the per square foot average.
Property Details
- Class
- C
- Year Built
- 1986
- Stories
- 5
- Lot Size (sq. ft)
- 74,923 SF
- Units
- 30
Highlights
- Very Large Family Oriented Units
- Strong Income Upside
- Excellent Coral Springs Location
Nearby Properties
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