Coral Flats is a 14-unit multifamily asset at 8430 NW 40th Street in Coral Springs, Florida. Built in 1972 with concrete construction, the property spans 0.79 acres and includes six 1BR units and eight 2BR/1BA units averaging 679 SF. The asset is 100% occupied with average rents of $1,734, reflecting stable operations.
Coral Flats features a majority 2BR mix, impact windows, a 2015 roof, central A/C, and hard flooring throughout. Six units contain in-unit washers and dryers, supported by an onsite laundry room, and residents have access to a community swimming pool.
Located in central Coral Springs, the property benefits from strong demographics and top schools. Within a three-mile radius, the average household income of $98,000 supports market rents near $2,450, and surrounding single-family and condo housing reinforces stable demand.
With current rents roughly 20% below market, the property offers a clear value-add opportunity. A light $10,000 per-unit renovation could support post-upgrade rents of $1,700 for 1BRs and $2,100 for 2BRs, or $1,930 on average, representing about $33,000 in upside.
The asset is three miles from the Sawgrass Expressway, providing access to 60M+ SF of nearby office and major employment hubs including Sunrise, Plantation, Cypress Creek, Fort Lauderdale, and Boca Raton—all within 30 minutes. CoStar reports submarket rents of $1,931 for 1BRs and $2,340 for 2BRs, underscoring the rent growth potential.
Coral Springs, FL, 33065
The rates and annual percentage rate (APR) displayed are based upon the following assumptions: a 20% down payment (e.g. $20,000 down on a $100,000 purchase price), conforming loan amount, $1,950 in finance charges, 30 days prepaid interest, 1 point, 30 day rate lock. The rates and annual percentage rate (APR) will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates and the margin for adjustable rate mortgages [if applicable] are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. The rates displayed vary by property state, may change or not be available at commitment or closing or may be subject to product restrictions.
The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first five years (for a 5/6 ARM) or seven years (for a 7/6 ARM) and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan. Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable -rate mortgages [if applicable], are subject to change without prior notice.
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