Listing Agency: Total R E Consultants Inc

Listed By: J. Josep Pelayo · License #A11997717 Show Phone

Source: Exprealty

Added: Oct 9 Changed: Oct 21 Last Checked: Oct 21 at 2:19AM

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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 Total R E Consultants Inc

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Investment Insights

Based on property information with market context.

This 1,677±-square-foot office/warehouse condominium at The Horizon Center combines private office rooms with an open work and storage area. The offices have finished flooring, air conditioning, and natural light. A grade-level roll-up door serves the warehouse, while interior stairs connect the work area to a substantial mezzanine that adds usable space above the ground floor. The building also has high ceilings.

Located in Coral Springs Corporate Park in Northwest Broward County, the property connects to the Sawgrass Expressway, Florida’s Turnpike, I-75, I-595, and I-95. Its IRD (Industrial, Research & Development) zoning supports a range of business and light industrial uses, including contractor, distribution, e-commerce, service, light manufacturing, and technology-oriented operations, subject to city approval.

Key Highlights

• 1, 677± SQFT office/warehouse condominium
• Substantial mezzanine with interior stair access
• Multiple private offices with natural light, finished flooring, and air conditioning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,829

Cap Rate

5.58%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$556,580 $556.6K

Cap Rate 7%

$397,557 $397.6K

Cap Rate 9%

$309,211 $309.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,677 SF

Gross rent

$34.2K $20.40/SF

− Vacancy

−$1.5K −$0.88/SF

EGI

$32.7K $19.52/SF

− OpEx

−$4.9K −$2.93/SF

NOI

$27.8K $16.59/SF

Area

Coral Springs, FL

Vacancy

4.30%

Lease Rate

$20.40 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$556,580

Cap Rate 7%

$397,557

Cap Rate 9%

$309,211

Alternative Uses

Best Use

Warehouse

$397.6K

$347.9K – $463.8K (±1% cap)

NOI $27,829 @ 7.0% cap · market cap 5.58%

Second Best

Industrial

$327.4K

$286.5K – $382.0K (±1% cap)

NOI $22,918 @ 7.0% cap · market cap 4.59%

Theoretical Best

Specialty Retail

$2.86M

$2.50M – $3.34M (±1% cap)

NOI $200,184 @ 7.0% cap · market cap 40.12%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Restaurant Hair Salon Nail Salon HVAC Service Building Supply Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Drive-in doors

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

177

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 33071, FL

40,026

Population

14,184

Households

2.8

Avg Household Size

40

Median Age

43%

College-Educated

95%

High-School Grad

7.5 sq mi

ZIP Area

5,337

Density / Sq Mi

$100,279

Median Household Income

$50,090

Median Earnings

$2,092

Median Rent

$537,100

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - IRD zoning supports industrial and research-oriented uses, subject to city approval.

Where is this flex space located?

The property is located at 205-3762 Nw 124th Ave Coral Springs, FL.

What is the asking price?

The asking price for this property is $499,000.

What are key features of this property?

This property features: 1, 677± SQFT office/warehouse condominium; Substantial mezzanine with interior stair access; Multiple private offices with natural light, finished flooring, and air conditioning