Jacobs Apartments
20 Unit Apartment Building | $6,500,000 ($325,000/Unit) | Coral Springs, FL 33065
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $6,500,000
- Property Type
-
Multifamily
- Square Feet
- 22,942 SF
Listing Contacts
Calum Weaver
Verified Profile
Perry Synanidis
Verified Profile
Beatrice Camplone
Verified Profile
- Property Info
Property Overview
CBRE is pleased to present Jacob Apartments, an excellent boutique value-add investment opportunity featuring - 20 oversized apartment units consisting of 12 two- and 8 three-bedroom units averaging 1,181 square feet. The property is located in the heart of Coral Springs, surrounded by affluent demographics and highly rated public schools.
Built in 1975, the property is 100% occupied with effective rents of $2,200 per unit - $1.86 PSF. Market rents are $2,397 per unit - $2.03 PSF. 5 of the 20 units have been renovated with market rents of $2,510 per unit - $2.13 PSF. A new buyer can either move all units to market rents which provide $47,000 in loss to lease upside, and/or look to renovate the 15 non renovated units and get $74,000
in additional value add upside.
The area immediately surrounding the property has excellent demographics. Average income in a three-mile radius is $115,000, using 30% of income attributable to rent the demographics in the immediate support rents of almost $2,875. Nearby public schools are among the best in Broward County which makes the unit mix even more desirable for potential renters.
The property is located less than two miles from the Sawgrass Expressway providing access to over 60 million square feet of office. Per CoStar, the submarket has average rents of a little over $2,327 for a two bedroom and $2,884 for a three bedroom. The average in-place rent at Jacob Apartments is 16% below the two- and three-bedroom submarket rental averages.
Built in 1975, the property is 100% occupied with effective rents of $2,200 per unit - $1.86 PSF. Market rents are $2,397 per unit - $2.03 PSF. 5 of the 20 units have been renovated with market rents of $2,510 per unit - $2.13 PSF. A new buyer can either move all units to market rents which provide $47,000 in loss to lease upside, and/or look to renovate the 15 non renovated units and get $74,000
in additional value add upside.
The area immediately surrounding the property has excellent demographics. Average income in a three-mile radius is $115,000, using 30% of income attributable to rent the demographics in the immediate support rents of almost $2,875. Nearby public schools are among the best in Broward County which makes the unit mix even more desirable for potential renters.
The property is located less than two miles from the Sawgrass Expressway providing access to over 60 million square feet of office. Per CoStar, the submarket has average rents of a little over $2,327 for a two bedroom and $2,884 for a three bedroom. The average in-place rent at Jacob Apartments is 16% below the two- and three-bedroom submarket rental averages.
Property Details
- Class
- C
- Year Built
- 1975
- Stories
- 2
- Lot Size (sq. ft)
- 47,480 SF
- Units
- 20
Highlights
- Large Family Oriented Units
- Excellent Cotral Springs Location
- Significant rent upside
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