Coral Springs Lakes Apartments

• Highly Sought-After Coral Springs Rental Market
• Massive Two- and Three-Bedroom Apartments Averaging 1,365 RSF
• Very Minimal Ownership Turnover within the Submarket
• Situated in a Quiet, Middle Class Residential Neighborhood
• In Place Rents Approximately $300 Below the Market
• 1970’s Concrete Block Construction on Large Sites
• Close Proximity to Employment, Shopping and Schools

Property Description

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Coral Springs Lakes Apartments, two 4-unit apartment buildings located in the highly sought-after market of Coral Springs, Florida which have not been offered for sale for almost 30-years. The buildings are located in a very quiet residential neighborhood, on the same street, and just north of Sample Road. Each is two-story and sit on a combined .54-acre site. The buildings were constructed in 1971 and 1972 of concrete block with painted stucco exterior. The buildings offer a very rare and desirable unit mix of four two-bedroom and four three-bedroom apartments, each with two bathrooms and an average of 1,365 rentable square feet. Property amenities include landscaped grounds, 16 surface parking spaces, and a very quiet residential setting. Apartment amenities include massive sized floor plans with ceramic tile flooring, central heating and air-conditioning, individual hot-water heater, large kitchen with dishwasher, screened-in patio or balcony, and walk-in closets. Seven of the apartments have hook-ups. The average in place rents are approximately three hundred dollars below the market, which offers an excellent opportunity for a new owner. The City of Coral Springs is located in the northwest corner of Broward County and runs along the south and east sides of the Sawgrass Expressway, spanning all the way to the Everglades. It is approximately 20 miles northwest of Fort Lauderdale/Hollywood International Airport and 40 miles southwest of Palm Beach International Airport. In 2021, the city had a population of 133,853 residents and an average household income of $98,671. Widely known for its top-rated schools, 48 public parks, and numerous recreation facilities, Coral Springs is one of the most successful planned communities ever built. A Total Quality Management program was implemented in 1993, solidifying the City’s mission to be the premier community in which to live, work and raise a family. The core values of the City’s culture are customer focus, leadership, empowered employees, and continuous quality improvement. Major employers include Broward Health, Coral Springs Auto Mall, Broward School Board, Publix, First Data Merchant Services, Cleveland Clinic, Alliance Entertainment, KB Electronics, Nordis Direct, United Medco and Corporate Park of Coral Springs. With a minimal number of rental apartments, very little annual transaction velocity and some of the highest rated schools in the County, Coral Springs is a very desirable market to own multifamily in. Coral Springs Lakes Apartments is situated in the Coral Springs Lakes residential subdivision, just north of Sample Road and east of Coral Springs Drive, two very heavily traveled thoroughfares. Sample Road is lined with commercial, retail and restaurants and provides access to the Sawgrass Expressway, Florida’s Turnpike and Interstate 95. Within a few minutes’ drive, there are four Publix Supermarkets, drugstores, Walmart, and numerous local shopping, dining, and entertainment outlets. Furthermore, Broward Health Coral Springs is within walking distance. The surrounding neighborhood consists primarily of single-family residences with an average sales price of between$750,000 and $1,000,000+ depending on subdivision. Less than one mile to the west is the Corporate Park of Coral Springs, which consists of 1.2 million square feet under roof within 487 acres of land, making it Coral Springs’ largest corporate park and employer for residents. Less than 12 miles to the south is the Sawgrass Mills Mall. Containing over 2 million square feet of retail shopping space, it is the 7th largest mall in the United States, the largest single-story mall in the United States and the second largest in Florida.