For Sale
$14,445,000

1915 University Dr Coral Springs, FL 33071

Prime Coral Springs location, high-yield potential.

Overview

Added:
Dec 11, 2024
Days on market:
135
This exceptional investment opportunity presents the Promenade of Coral Springs, a Class A mixed-use property encompassing 58,446 square feet of rentable space. Situated on a 5.23-acre lot in Broward County, Florida, at 1915-1999 N University Dr, Coral Springs, FL 33071, this property boasts two buildings with four stories, offering a blend of office, retail, and outparcel space. Currently housing 22 tenants, the property features a 58.3% occupancy rate with a pro-forma NOI of $1,134,188 and a pro-forma cap rate of 7.85%. The asking price is $14,445,000, translating to $247.15 per square foot. Built in 1988, the property includes 350 parking spaces, providing a generous parking ratio. Tenants benefit from 3% annual rent bumps and NNN lease terms. The property enjoys high visibility on N. University Drive, a major thoroughfare with over 42,500 vehicles per day, and is surrounded by national retailers and a medical center. The retail component includes diverse tenants, and the outparcel is fully occupied by a long-term tenant. Seller financing may be available to qualified buyers at 60% LTV for two years at 6% interest only. This fee-simple ownership opportunity offers significant potential for increased cash flow through higher occupancy and rental rates. The property allows for multi-family redevelopment under the Florida Live Local Act.

Highlights

  • Seller financing available to qualified buyers; 60% LTV, 2-year term, 6% interest only.
  • Class A mixed-use property with a four-story office building.
  • Multi-tenant retail space.
  • Net-leased outparcel.
  • High-traffic location on N. University Drive (42,500 VPD).
  • 5.23-acre site.

Property Details for 1915 University Dr

Property type
Retail properties, Office properties
Square Feet
58,446 SF
Class
A
Year Built
1988
Buildings
2
Stories
4
Lot Size (sq. ft)
227,819 SF
Units
22

Location Insight

City
Coral Springs
County
Broward
State
Florida
Latitude
26.255388096421
Longitude
-80.251182027683

FAQs

What type of property is this?
Retail property - Prime Coral Springs location, high-yield potential.
Where is the retail property located?
The property is located at 1915 University Dr Coral Springs, FL.
What is the asking price?
The asking price for this property is $14,445,000.
What are key features of this property?
This property features: Seller financing available to qualified buyers; 60% LTV, 2-year term, 6% interest only.; Class A mixed-use property with a four-story office building.; Multi-tenant retail space.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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1915 University Dr
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