Fully Occupied Coral Springs
For Sale
$1,750,000
8704 NW 38th Dr, Coral Springs, FL 33065
Five-unit multifamily property in Coral Springs with immediate cash flow.
Property Size4,041 SF
Days on Market178
Property Features for 8704 NW 38th Dr
General Information
Standard status
Active
Size
4,041 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$22,715
Building Details
Building Size
4,041 SF
Year Built
1978
Stories
1
Units
5
Listing Agency:
Compra Venta Miami
Listed By:
Victor Persia · License #3194931
(786) 285-1871
Source:
Elliman
Added: Apr 24
Changed: Oct 16
Last Checked: Oct 16 at 10:33AM
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 Compra Venta Miami
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Investment Insights
Based on property information with market context.
This is a fully occupied five-plex located at 8704 NW 38th Drive, featuring five 2-bedroom, 1-bathroom units. All units are currently rented, offering low maintenance and immediate cash flow. The property is located in Coral Springs, a location that maintains strong demand and low vacancies. It is suitable for portfolio builders, passive investors, or 1031 exchange buyers seeking stable returns. The property has a bike score of 58, indicating it is bikeable, a walk score of 69, indicating it is somewhat walkable, and a transit score of 34, indicating some transit options are available.
Key Highlights
- Immediate cash flow from a fully occupied five‑plex.
- Low‑maintenance property requiring minimal upkeep.
- Prime Coral Springs location with strong rental demand and low vacancies.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,440
Cap Rate
3.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,288,800
$1.3M
Cap Rate 7%
$920,571
$920.6K
Cap Rate 9%
$716,000
$716.0K
Market Conditions
NOI Build-Up for 4,041 SF
Gross rent
$122.7K $30.36/SF
− Vacancy
−$5.5K −$1.37/SF
EGI
$117.2K $28.99/SF
− OpEx
−$52.7K −$13.05/SF
NOI
$64.4K $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 Rate 5%
$1,288,800
Cap Rate 7%
$920,571
Cap Rate 9%
$716,000
Alternative Uses
Best Use
Apartment 5plus
$920.6K
$805.5K – $1.07M
NOI $64,440 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.89M
$6.03M – $8.04M
NOI $482,375 @ 7.0% cap · market cap 27.56%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,390
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit multifamily property in Coral Springs with immediate cash flow.
Where is this apartment building located?
The property is located at 8704 NW 38th Dr Coral Springs, FL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Immediate cash flow from a fully occupied five‑plex.; Low‑maintenance property requiring minimal upkeep.; Prime Coral Springs location with strong rental demand and low vacancies.
