3711 115Th Way, Coral Springs, FL 33065

Property Details for 3711 115Th Way

Year built

1993

Property type

Commercial real estate

APN

4841-17-06-0540

Description

This exceptional 4-unit apartment building, situated on over a quarter-acre lot in desirable West Coral Springs, Florida (33065), presents a compelling investment opportunity. Built in 1993 and extensively renovated in 2023, this single-story property boasts 3,562 square feet and features four spacious 2-bedroom, 2-bathroom units. Each unit includes full-size in-unit washers and dryers, updated kitchens with stainless steel appliances, and renovated bathrooms. Three of the units have brand new central air conditioning systems. The ground floor units enjoy private, oversized fenced backyards with lush landscaping, while upstairs units offer private balconies and high vaulted ceilings. The property currently operates at 100% occupancy, generating a Net Operating Income (NOI) of $73,870, with a pro-forma NOI of $91,870. The current annual gross income is $101,400, and the pro-forma gross income is projected at $120,000. Annual expenses total $27,800, encompassing property taxes ($20,210), landscaping ($1,800), insurance ($4,800), sprinkler water ($960), and house electricity ($360). Tenants are responsible for their own utilities. The property is zoned RM-15 (Low Medium Density Multiple-Family) and has a Broward County APN of 4841-17-06-0540. This turnkey investment offers a current cap rate of 5.30% and a pro-forma cap rate of 6.59%, with an asking price of $1,395,000 ($348,750 per unit) and a price per square foot of $391.63. This is a rare opportunity to acquire a fully updated, high-performing multifamily property in a thriving location.

Location Insight

City

Coral Springs

County

Broward

State

Florida

Longitude

-80.280892463162

Latitude

26.276710496058