Fourplex with Private
For Sale
Contact for pricing
Pending
8706 NW 38th Drive, Coral Springs, FL 33065
Four 3-bedroom units with private 1-car garages and separate electric and water meters in Coral Springs.
Property Size5,679 SF
Days on Market65
Property Features for 8706 NW 38th Drive
General Information
Standard status
Pending
Size
5,679 SF
Property subtype
Multifamily
Zoning
RM-20
Additional Details
Business Included
Yes
Multifamily Units
4
Building Details
Year Built
2003
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
KW Commercial Boca Raton East
(561) 305-6161
Listed By:
Stephen Molinari · License #3530706
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 18 at 1:13PM
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 KW Commercial Boca Raton East
Investment Insights
Based on property information with market context.
This fourplex was built in 2003 and offers four spacious 3-bedroom, 2.5-bathroom residences. Each unit includes a private 1-car garage plus additional on-site parking. The property is designed for straightforward operations, with utilities separately metered for water and electric service for each unit.
Located at 8706 NW 38th Drive in Coral Springs, Florida, the building sits on a spacious lot in a residential submarket within South Florida. The offering is presented as turnkey, emphasizing a modern, well-maintained configuration intended to support everyday tenant use.
For investors and owner-occupants, this unit mix supports flexible occupancy scenarios while maintaining a consistent property type across all four apartments. With separate metering, the setup can help simplify management by allocating water and electric usage at the unit level. The private garages and on-site parking also add practical, tenant-focused convenience for daily living.
Located at 8706 NW 38th Drive in Coral Springs, Florida, the building sits on a spacious lot in a residential submarket within South Florida. The offering is presented as turnkey, emphasizing a modern, well-maintained configuration intended to support everyday tenant use.
For investors and owner-occupants, this unit mix supports flexible occupancy scenarios while maintaining a consistent property type across all four apartments. With separate metering, the setup can help simplify management by allocating water and electric usage at the unit level. The private garages and on-site parking also add practical, tenant-focused convenience for daily living.
Key Highlights
- Fourplex built in 2003 in Coral Springs
- Four spacious 3‑bedroom, 2.5‑bath units
- Each unit includes a private 1‑car garage
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
$98,183
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
4.91%
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%
$1,963,660
$2.0M
Cap Rate 7%
$1,402,614
$1.4M
Cap Rate 9%
$1,090,922
$1.1M
Market Conditions
NOI Build-Up for 5,679 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
$146.5K $25.80/SF
− Vacancy
−$6.3K −$1.10/SF
EGI
$140.3K $24.70/SF
− OpEx
−$42.1K −$7.41/SF
NOI
$98.2K $17.29/SF
Area
Coral Springs, FL
Vacancy
4.27%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,963,660
Cap Rate 7%
$1,402,614
Cap Rate 9%
$1,090,922
Alternative Uses
Best Use
Multifamily LT 5
$1.40M
$1.23M – $1.64M
NOI $98,183 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$1.29M
$1.13M – $1.51M
NOI $90,561 @ 7.0% cap · market cap 4.53%
Theoretical Best
Specialty Retail
$9.68M
$8.47M – $11.30M
NOI $677,904 @ 7.0% cap · market cap 33.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,269
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?
Quadplex - Four 3-bedroom units with private 1-car garages and separate electric and water meters in Coral Springs.
Where is this quadplex located?
The property is located at 8706 NW 38th Drive Coral Springs, FL.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Fourplex built in 2003 in Coral Springs; Four spacious 3‑bedroom, 2.5‑bath units; Each unit includes a private 1‑car garage
