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$ 6,500,000
Est. payment /mo
Active
Address not disclosed Coral Springs, FL 33065
23,622 SqFt
UPDATED:
09/30/2024 09:39 PM
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 23,622 sqft
Price per Sqft $275
MLS Listing ID A11599836
HOA Y/N No
Year Built 1975
Annual Tax Amount $69,851
Lot Size 1.086 Acres
Property Description
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.
Location
State FL
County Broward
Area 3625
Exterior
Total Parking Spaces 38
Building
Story 2
Level or Stories Two
Others
Tax ID 484116061200
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by CBRE, Inc.