Renovated 5-Unit Apartment
For Sale
$1,195,000
4115 Riverside Drive 1-5, Coral Springs, FL 33065
Renovated multifamily property with a five-unit layout, established occupancy, and a mix of short- and longer-term leases.
Property Size3,852 SF
Price / SF$310.23
Days on Market68
Property Features for 4115 Riverside Drive 1-5
General Information
Standard status
Active
Size
3,852 SF
Property subtype
Quadruplex
Zoning
zoned for AirBnB per the city of Coral Springs
Units
Unit Mix
2 x 2/1, 3 x 1/1
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$21,644
Building Details
Building Size
3,852 SF
Year Built
1969
Tenancy
Multi
Listing Agency:
Lang Realty/ BR
Listed By:
Paulo Schneider · License #3251431
(954) 857-1282
Source:
Pamandtoni
Added: Jul 7
Changed: Sep 11
Last Checked: Sep 12 at 8:09AM
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 Lang Realty/ BR
Investment Insights
Based on property information with market context.
This 3,852-square-foot apartment property was built in 1969 and contains five renovated units. The configuration includes two two-bedroom, one-bath apartments and three one-bedroom, one-bath apartments, providing a defined mix within the building.
The property is reported as 100% leased, with both month-to-month and annual lease arrangements in place. It is identified as zoned for Airbnb by the city of Coral Springs. The reported capitalization rate is over 5.8%, and community laundry contributes to the property’s gross income.
The property is reported as 100% leased, with both month-to-month and annual lease arrangements in place. It is identified as zoned for Airbnb by the city of Coral Springs. The reported capitalization rate is over 5.8%, and community laundry contributes to the property’s gross income.
Key Highlights
- Five‑unit apartment building with two 2‑bedroom/1‑bath units and three 1‑bedroom/1‑bath units
- All units have been renovated
- 3,852 SF building constructed in 1969
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
$61,426
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
5.14%
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%
$1,228,520
$1.2M
Cap Rate 7%
$877,514
$877.5K
Cap Rate 9%
$682,511
$682.5K
Market Conditions
NOI Build-Up for 3,852 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
$116.9K $30.36/SF
− Vacancy
−$5.3K −$1.37/SF
EGI
$111.7K $28.99/SF
− OpEx
−$50.3K −$13.05/SF
NOI
$61.4K $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%
$1,228,520
Cap Rate 7%
$877,514
Cap Rate 9%
$682,511
Alternative Uses
Best Use
Apartment 5plus
$877.5K
$767.8K – $1.02M
NOI $61,426 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.57M
$5.75M – $7.66M
NOI $459,814 @ 7.0% cap · market cap 38.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,174
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property with a five-unit layout, established occupancy, and a mix of short- and longer-term leases.
Where is this apartment building located?
The property is located at 4115 Riverside Drive 1-5 Coral Springs, FL.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Five‑unit apartment building with two 2‑bedroom/1‑bath units and three 1‑bedroom/1‑bath units; All units have been renovated; 3,852 SF building constructed in 1969
