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 Market129
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
(786) 285-1871
Listed By:
Victor Persia · License #3194931
(786) 285-1871
Source:
Elliman
Added: Apr 24
Changed: Aug 13
Last Checked: Aug 29 at 1:40PM
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
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 = 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
$64,440
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
3.68%
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%
$1,288,800
$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
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
$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 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%
$1,288,800
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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.
