Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Riverside Villas at Coral Springs Condominiums, which consists of 34 out of 64 total condominiums. The condominiums are being offered for sale by the original developer of the condominium community. Riverside Villas is located on Riverside Drive, just south of Sample Road in the heart of Coral Springs, Florida. The property consists of two identical four-story buildings that were constructed in 2006 of concrete block with pitched tile roofs and situated on a 2.42-acre site. There is a central courtyard with a gated pool with sundeck, and cabana building. Each building is elevator served and has two stairwells. There is ample open parking that surrounds the property. All condominiums are a three-bedroom and two-bathroom floor plan ranging in size from 1,200 to 1,338 rentable square feet. Each is equipped with central heating and air-conditioning, all electric appliances including dishwasher and built-in microwave, granite countertops, large utility room with washer and dryer hook-ups, 10’ ceilings, ceramic tile flooring, hurricane impact windows, alarm system, and private balcony (floors 2 through 4). Individual condominium sales in the subject property average less than two per year since its initial offering, which reflects its desirability of its owners. 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. The Corporate Park of Coral Springs, which consists of 1.2 million square feet under roof within 487 acres of land, is Coral Springs’ largest corporate park and employer for residents. Twenty minutes to the south is the Sawgrass Mills Mall. Containing over two 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. With the lack of developable land, abundant employment, and some of the highest rated schools in the County, Coral Springs is a very desirable community to live in and own in.