Jacob Apartments is 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.
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.
Property Details
Price:
$6,500,000
MLS #:
A11599836
Status:
Active
Beds:
0
Baths:
0
Type:
Commercial
Subtype:
Income/MultiFamily
City:
Coral Springs
Listed Date:
Jun 3, 2024
State:
FL
Finished Sq Ft:
23,622
ZIP:
33065
Year Built:
1975
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Schools
Interior
Exterior
Parking Spots
38
Financial
Buyer Agent Compensation
1.5%%
Taxes
$69,851
Map
Community
- Address10120 NW 36th St Coral Springs FL
- CityCoral Springs
- CountyBroward County
- Zip Code33065
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