Riverside Villas Multifamily
For Sale
Contact for pricing
2801 Riverside Drive, Coral Springs, FL 33065
Two elevator-served buildings surround a gated pool and central courtyard in Coral Springs.
Property Size49,896 SF
Lot Size2.42 Acres
Price / SF$188.39
Days on Market142
Property Features for 2801 Riverside Drive
General Information
Standard status
Active
Size
49,896 SF
Total Parking Spaces
123
Elevators
Yes
Lot size
2.42 Acres
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$571,470
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
40 x 3BR/2BA (1,200-1,338 SF)
Multifamily Units
40
Amenities
courtyard
pool
sundeck
cabana
Building Details
Year Built
2006
Buildings
2
Stories
4
Units
123
Construction
concrete block
Listing Agency:
Marcus & Millichap - Fort Lauderdale
Listed By:
Evan Kristol · License #FL SL640466
Source:
Crexi
Added: Apr 15
Changed: Sep 2
Last Checked: Aug 30 at 11:10AM
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 Marcus & Millichap - Fort Lauderdale
Investment Insights
Based on property information with market context.
Riverside Villas comprises 40 of the 64 condominiums in the community, arranged across two matching four-story buildings on a 2.42-acre site. The 49,896-square-foot property was built in 2006 with concrete-block construction and pitched tile roofs. A central courtyard includes a gated swimming pool, sundeck, and cabana, while open parking surrounds the buildings. Both structures have elevator service and two stairwells.
Each condominium offers a three-bedroom, two-bath layout ranging from 1,200 to 1,338 rentable square feet. Interior features include central heating and air-conditioning, electric appliances, dishwashers, built-in microwaves, granite countertops, ceramic tile flooring, 10-foot ceilings, alarm systems, and utility rooms with washer and dryer hookups. Private balconies are provided on floors two through four.
The property is on Riverside Drive in Coral Springs, with access to the Sawgrass Expressway and connections to I-75, I-595, Florida’s Turnpike, and Interstate 95. Broward Health Coral Springs and Coral Square Mall are nearby.
Each condominium offers a three-bedroom, two-bath layout ranging from 1,200 to 1,338 rentable square feet. Interior features include central heating and air-conditioning, electric appliances, dishwashers, built-in microwaves, granite countertops, ceramic tile flooring, 10-foot ceilings, alarm systems, and utility rooms with washer and dryer hookups. Private balconies are provided on floors two through four.
The property is on Riverside Drive in Coral Springs, with access to the Sawgrass Expressway and connections to I-75, I-595, Florida’s Turnpike, and Interstate 95. Broward Health Coral Springs and Coral Square Mall are nearby.
Key Highlights
- 40 of 64 total condominiums offered within the community
- Two four‑story buildings on a 2.42‑acre site
- 49,896‑square‑foot property constructed in 2006
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
$795,671
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
8.46%
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%
$15,913,420
$15.9M
Cap Rate 7%
$11,366,729
$11.4M
Cap Rate 9%
$8,840,789
$8.8M
Market Conditions
NOI Build-Up for 49,896 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
$1.51M $30.36/SF
− Vacancy
−$68.2K −$1.37/SF
EGI
$1.45M $28.99/SF
− OpEx
−$651.0K −$13.05/SF
NOI
$795.7K $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%
$15,913,420
Cap Rate 7%
$11,366,729
Cap Rate 9%
$8,840,789
Alternative Uses
Best Use
Apartment 5plus
$11.37M
$9.95M – $13.26M
NOI $795,671 @ 7.0% cap · market cap 8.46%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$85.09M
$74.45M – $99.27M
NOI $5,956,097 @ 7.0% cap · market cap 63.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
40
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
904
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?
Multifamily property - Two elevator-served buildings surround a gated pool and central courtyard in Coral Springs.
Where is this multifamily property located?
The property is located at 2801 Riverside Drive Coral Springs, FL.
What is the asking price?
The asking price for this property is $9,400,000.
What are key features of this property?
This property features: 40 of 64 total condominiums offered within the community; Two four‑story buildings on a 2.42‑acre site; 49,896‑square‑foot property constructed in 2006
