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8702 NW 38th Dr

Coral Springs, FL 33065

$1,800,000

Apartments For Sale  •  6,800 Sq Ft

Property Details

  • Property Type Apartments
  • Total Building Size 6,800 Sq Ft
  • Lot Size 0.32 ac
  • Building Class C
  • Year Built 1985
  • Cap Rate 9.43 %
35 Transit Score
24 Walk Score

Description

Completely renovated in 2015.  New kitchens with stainless steel and granite, new bathrooms with granite, new upgraded tile throughout every room, landscaping, paint (inside and out), windows, AC's, hot water heaters, pavers and sold fully furnished.  Extremely nice building in a very nice neighborhood.  
Long-term corporate tenant who renewed for five years in October 2018 thru October 2023.  No vacancies, bad debt, evictions or need to rent out a unit. Thus, no need for a management company.  Just an occasional handyman.  The lease in for 5 years (10/23) has 3% annual increases built in. The owner is only responsible for taxes, insurance, lawn and maintenance.  NOI is $169,702 which is a 9.4% cap rate.

Property Flyers

Financial Summary (Actual)

Net Operating Income: $169,982 (2018)
Cap Rate: 9.43 %
Total Expenses: $20,134

Public Transportation

Commuter RailDriveWalkDistance
Pompano Beach Commuter Rail (Tri-County Commuter) 16 min - 7.3 mi
AirportDriveWalkDistance
Fort Lauderdale–Hollywood International Airport 38 min - 20.4 mi
Palm Beach International Airport 53 min - 38.8 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 10
Type: Surface
Included in Rent: Yes
Ronald Trautman 561-254-4057 United Realty Group
Ronald Trautman 561-254-4057 United Realty Group