Multi-Family Space For Lease @ 8430 Nw 40th St

The Coral Flats multifamily opportunity is perfectly situated in the City of Coral Springs, FL. Bordering a City Park and the 188 new home development of Coral Lago, Coral Flats boasts a high occupancy rate and the broader rental market is one of the strongest in the State of Florida. There is simply not enough inventory to service the demand which creates a higher floor in rental growth than other markets. Most traditional apartments and condos in Coral Springs that are 2 bedroom are being offered at a price starting at $1,500 monthly as published in Realtor.com and Zillow.

The subject property has a very desirable unit mix of mostly two bedroom homes. In fact, there are eight two bedroom, one bath units as well as six one bedroom, one bath units. Almost all of the fourteen units have seen renovations with some completely gut renovated. New appliances, kitchens with granite counters, new flooring, and many more features tell the renovation story here at Coral Flats. Parking is at a premium in most multifamily in the area and Coral Flats has 24 outlined spots with additional areas for possible overflow.

There is significant rental upside by continuing the renovations that the current owner has already begun. Looking at the broader Coral Springs rental market, you will find that Coral Flats multifamily opportunity tells a very simple story as it relates to the return on investment for upscale renovations. Coral Flats provides security cameras in the common areas of the building which is an amenity that is very much appreciated by the residents. All of the landscaping is fed by a well irrigation system with lines run throughout the property.

Coral Flats has separate electric meters for each of the units with an opportunity to possibly add sub metering to increase the net operating income. The swimming pool area is one amenity that South Florida residents appreciate. There is an opportunity to better manage tenant access and maximize the value that it brings. The Spanish Tile roof was permitted and finished in 2015 upon the current owners acquisition. The 40 Year Inspection was also completed around the same time. Brand new hurricane impact windows were installed at the end of 2016 thereby adding peace of mind and energy efficiencies to the residents. Insurance costs have been manageable due to these major upgrades. This space offers accomodations for: lowrisegarden.