1915 University DrCoral Springs, FL 33071

Property Details for 1915 University Dr

Year built

1987

Construction

CONCRETE

Lot size

1.81 AC

Property size (Sq ft)

8,422 SF

Zone code

B-2

Property type

Retail properties

Property subtype

Turn key restaurants

APN

48-41-28-01-2510

APU

484128012510

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $3,680,717

  6.5%

  $3,397,585

  7%

  $3,154,900

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,269,828

  Geo Method

  $6,269,828

• Alternative Use

  Use

  Valuation

  Residential

  $2,865,990

  Hospitality

  $2,625,231

  Educational

  $2,184,162

  Medical

  $2,259,278

  Retail

  $3,397,585

Location Insight

City

Coral Springs

County

Broward

State

Florida

Latitude

26.2547

Longitude

-80.2511

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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