For Sale
$1,750,000

4291 114Th TerCoral Springs, FL 33065

5-Unit Waterfront Property, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a two-story, five-unit multifamily property located in Coral Springs, Florida, at 4291 NW 114th Terrace, in the 33065 zip code. The property boasts 6,468 square feet on a sizable lot and features four three-bedroom, two-bathroom units and one spacious two-bedroom, two-and-a-half-bathroom townhome. All units include washer/dryer hookups, and the upstairs units offer private balconies with stunning waterfront views. The building is in excellent condition, highlighted by a newer roof (approximately seven years old). Currently operating at 100% occupancy, the property generates a substantial annual gross income of $139,200. Annual expenses total $46,047, encompassing property taxes ($19,847), landscaping ($1,200), insurance ($22,000), and water ($3,000). This results in a strong net operating income (NOI) of $93,153, with a pro-forma NOI of $103,953. The property is zoned RM-15 and includes 11 parking spaces. The asking price is $1,750,000, representing a price per square foot of $270.56 and a price per unit of $350,000. The property's attractive 5.32% cap rate makes it a compelling investment prospect. This waterfront property offers a rare combination of strong cash flow, desirable location, and significant upside potential. The property's superior condition and high occupancy rate ensure a secure and profitable investment. This is a must-see property for discerning investors seeking a high-return, low-risk opportunity.

Highlights

  • Waterfront property on a 0.25+ acre lot.
  • Newer roof (approx. 7 years old).
  • Five units: four 3 bed/2 bath apartments and one 2 bed/2 bath townhome.
  • Six in-unit washer/dryer hookups.
  • NOI: $93,153 (approx.).

Property Details for 4291 114Th Ter

Property type
Specialty properties
Square Feet
6,468 SF
Year Built
1989
Buildings
1
Stories
2
Units
5

Location Insight

City
Coral Springs
County
Broward
State
Florida
Latitude
26.2846698
Longitude
-80.2789535
4291 114Th Ter, Coral Springs, Florida

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4291 114Th Ter
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