Six-Unit Apartment Building with
For Sale
$1,199,000
Pending
11631 Royal Palm Blvd, Coral Springs, FL 33065
Two-story six-unit building with in-unit washer and dryer, tile flooring, and separate electric meters for each unit.
Property Size5,520 SF
Days on Market2794
Property Features for 11631 Royal Palm Blvd
General Information
Standard status
Pending
Size
5,520 SF
Property subtype
General Commercial
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
6
Amenities
3
12 Parking Spaces.
Building Details
Year Built
1986
Buildings
1
Stories
2
Listing Agency:
Keller Williams Realty SW
(786) 387-4289
Listed By:
Virginia Castro
(786) 387-4289
Source:
Xome
Added: Dec 14, 2018
Changed: Jul 30
Last Checked: Jul 30 at 10:21PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty SW
Investment Insights
Based on property information with market context.
This two-story six-unit apartment building offers individually deeded units, each with two bedrooms and two bathrooms. Units include washer and dryer, with tile flooring throughout. The second-floor units feature updated kitchens and bathrooms, while the bottom three units have remodeled kitchens and bathrooms, recently installed stainless steel appliances, and fresh paint.
The roof was replaced in 2018. Each unit has a separate electric meter, supporting independent utility metering. The property has 12 parking spaces available for tenants, and all units are currently rented.
Located at 11631 Royal Palm Blvd, near shopping centers, schools, public transportation, and major freeways, the building provides convenient day-to-day access for residents.
The roof was replaced in 2018. Each unit has a separate electric meter, supporting independent utility metering. The property has 12 parking spaces available for tenants, and all units are currently rented.
Located at 11631 Royal Palm Blvd, near shopping centers, schools, public transportation, and major freeways, the building provides convenient day-to-day access for residents.
Key Highlights
- Individually deeded, two‑story six‑unit apartment building
- Each unit has two bedrooms, two bathrooms, and washer/dryer
- Roof replaced in 2018
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$88,025
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,760,500
$1.8M
Cap Rate 7%
$1,257,500
$1.3M
Cap Rate 9%
$978,056
$978.1K
Market Conditions
NOI Build-Up for 5,520 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$167.6K $30.36/SF
− Vacancy
−$7.5K −$1.37/SF
EGI
$160.0K $28.99/SF
− OpEx
−$72.0K −$13.05/SF
NOI
$88.0K $15.95/SF
Area
Coral Springs, FL
Vacancy
4.50%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,760,500
Cap Rate 7%
$1,257,500
Cap Rate 9%
$978,056
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,025 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.41M
$8.24M – $10.98M
NOI $658,924 @ 7.0% cap · market cap 54.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,968
Businesses Nearby
Explore this area
Business Placement
Demographics for 33065, FL
59,668
Population
21,416
Households
2.8
Avg Household Size
36
Median Age
31%
College-Educated
93%
High-School Grad
8.6 sq mi
ZIP Area
6,938
Density / Sq Mi
$70,435
Median Household Income
$36,255
Median Earnings
$1,833
Median Rent
$416,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story six-unit building with in-unit washer and dryer, tile flooring, and separate electric meters for each unit.
Where is this apartment building located?
The property is located at 11631 Royal Palm Blvd Coral Springs, FL.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Individually deeded, two‑story six‑unit apartment building; Each unit has two bedrooms, two bathrooms, and washer/dryer; Roof replaced in 2018
