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Multifamily

Jacob Apartments

10120 NW 36th St, Coral Springs, FL 33065

Listing Price: $5,995,000

Cap Rate
4.04%
Number of Units
20
Occupancy
100.0%
Price/Unit
$299,750
Price/Gross SF
$261.31
Gross SF
22,942

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Jacob Apartments, a 20-unit, boutique apartment community located in the highly sought-after market of Coral Springs, Florida. With less than 20 apartment buildings between 20 and 100 units in the entire city and only two sales reported over the past five year, one of which being the subject property, this is a very unique opportunity. Jacob Apartments is located in a very quiet residential neighborhood, just north of Sample Road. It is comprised of a two-story building with eighteen apartments and a contiguous one-story duplex building, all on a large 1.09-acre site. The buildings were constructed in 1975 of concrete block with painted stucco exterior. The property offers a very rare and desirable unit mix of twelve two-bedroom and eight three-bedroom apartments, each with two bathrooms and an average of 1,147 rentable square feet. Property amenities include landscaped grounds, 37 surface parking spaces, onsite laundry facilities. and a very quiet residential setting. Apartment amenities include ceramic tile and faux wood vinyl flooring, central heating and air-conditioning, individual hot-water heater, large kitchen with dishwasher, screened-in patio or balcony, and walk-in closets. Four apartments have been upgraded and two have been completely remodeled including the addition of washer and dryer hook-ups. The average in place rents are approximately five-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. Jacob 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 $550,000 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. Furthermore, Amazon just announced the location of a new 441,000 square foot delivery station in Coral Springs which will open this year and be located just a few miles from subject property. Not only will this create many new jobs, but the announcement is an affirmation of the City’s excellent location and connectivity to South Florida.

Investment Highlights

  • Highly Sought-After Coral Springs Rental Market
  • Less than 20 Buildings Between 20 and 100 Apartments
  • Very Minimal Ownership Turnover within the Submarket
  • Situated in a Quiet, Middle Class Residential Neighborhood
  • Rare Unit Mix of All Two- and Three-Bedroom Floor Plans
  • In Place Rents Approximately $500 Below the Market
  • 1975 Concrete Block Construction on Over 1 Acre Site
  • Close Proximity to Employment, Shopping and Schools

Exclusively Listed By

Financing By

Multifamily

Jacob Apartments

Listing Price: $5,995,000

Cap Rate
4.04%
Number of Units
20
Occupancy
100.0%
Price/Unit
$299,750
Price/Gross SF
$261.31
Gross SF
22,942

Investment Highlights

  • Highly Sought-After Coral Springs Rental Market
  • Less than 20 Buildings Between 20 and 100 Apartments
  • Very Minimal Ownership Turnover within the Submarket
  • Situated in a Quiet, Middle Class Residential Neighborhood
  • Rare Unit Mix of All Two- and Three-Bedroom Floor Plans
  • In Place Rents Approximately $500 Below the Market
  • 1975 Concrete Block Construction on Over 1 Acre Site
  • Close Proximity to Employment, Shopping and Schools

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Jacob Apartments, a 20-unit, boutique apartment community located in the highly sought-after market of Coral Springs, Florida. With less than 20 apartment buildings between 20 and 100 units in the entire city and only two sales reported over the past five year, one of which being the subject property, this is a very unique opportunity. Jacob Apartments is located in a very quiet residential neighborhood, just north of Sample Road. It is comprised of a two-story building with eighteen apartments and a contiguous one-story duplex building, all on a large 1.09-acre site. The buildings were constructed in 1975 of concrete block with painted stucco exterior. The property offers a very rare and desirable unit mix of twelve two-bedroom and eight three-bedroom apartments, each with two bathrooms and an average of 1,147 rentable square feet. Property amenities include landscaped grounds, 37 surface parking spaces, onsite laundry facilities. and a very quiet residential setting. Apartment amenities include ceramic tile and faux wood vinyl flooring, central heating and air-conditioning, individual hot-water heater, large kitchen with dishwasher, screened-in patio or balcony, and walk-in closets. Four apartments have been upgraded and two have been completely remodeled including the addition of washer and dryer hook-ups. The average in place rents are approximately five-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. Jacob 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 $550,000 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. Furthermore, Amazon just announced the location of a new 441,000 square foot delivery station in Coral Springs which will open this year and be located just a few miles from subject property. Not only will this create many new jobs, but the announcement is an affirmation of the City’s excellent location and connectivity to South Florida.

Exclusively Listed By

Financing By

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