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Multifamily

Crescent Cove Condominiums

8300 Coral Lake Lane, Coral Springs, FL 33065

Listing Price: $20,000,000

Cap Rate
5.93%
Number of Units
111
GRM
8.15
Price/Unit
$180,180
Price/Gross SF
$196.65
Gross SF
101,705

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Crescent Cove Condominium Portfolio, consisting of 111 (out of 260 total) condominiums located in Coral Springs, Florida.

SUBJECT PROPERTY
This offering includes 111 out of 260 total condominiums within Crescent Cove in Coral Springs, offering a 43% ownership interest. The Crescent Cove Condominiums were originally constructed in 1987 and comprise (30) two-story buildings on a 13.7-acre lot, according to the Broward County Property Appraiser. The buildings feature concrete-block and stucco exterior walls with barrel tile roofs and central air conditioning.

This portfolio totals 101,705 square feet with a unit mix consisting of (58) one-bedroom | one-bathrooms measuring 837 square feet with an average in-place rent of $1,700 per month and (53) two-bedroom | two-bathrooms measuring 1,003 square feet with an average in-place rent of $2,000 per month (47% two-bedrooms). Units feature a mix of ceramic tile, laminate or carpeted flooring, electric appliances, in-unit washers and dryers, individual hot-water heaters, microwaves, formica countertops and balconies or patios.

Community amenities include a small fitness center, two swimming pools, tennis courts, a children’s playground and club house.

LOCATION
The Crescent Cove Condominium Portfolio is located at 8300 Coral Lake Lane, in Coral Springs, Florida. Coral Springs is an affluent West Broward County submarket proximate to Parkland, Coconut Creek and (West) Boca Raton. The 5-mile population was 362,996 and the average household income within 3-miles was reportedly $96,947 according to Experian (2022).

The Crescent Cove Condominium Portfolio property is less than one mile east of University Drive, a few minutes east of the Sawgrass Expressway (3.6 miles) and just west of State Road 7 (2.2 miles). Nearby points of interest include Walgreens (1.5 miles), Northwest Regional Library (1.6 miles), Carolina Club Golf Course (1.7 miles), LA Fitness (1.8 miles) and Broward Health Coral Springs Hospital (1.9 miles), Trader Joe’s (1.9 miles), Publix Supermarket North University Drive (2.1 miles), Total Wine & More (2.1 miles), Turtle Run Shoppes (2.1 miles) and Seminole Casino Coconut Creek (3.3 miles).
Nearby educational facilities include Hunt Elementary School (0.7 miles), Forest Hills Elementary School (0.9 miles), Coral Springs High School (1.4 miles) and Forest Glen Middle School (2.7 miles).

SUMMARY
The Crescent Cove Condominium Portfolio is being offered for sale at $20,000,000 or $180,180 per unit and $197 per square foot.

Investment Highlights

  • Bulk Condominium Portfolio of 111 Units (out of 260 total - 43% Ownership)
  • Offered at Current 5.93% Cap Rate and 8.15 Gross Rent Multiplier
  • 47% Two Bedroom/Two Bathrooms Measuring 1,003 Square Feet
  • Unit Mix Consists of (58) 1 Bedroom | 1 Bathrooms and (53) 2 Bedroom | 2 Bathrooms
  • Unit Features Include, Mix of Ceramic Tile, Laminate or Carpeted Flooring, Electric Appliances, In-Unit Washers & Dryers, Individual Hot-Water Heaters
  • Community Amenities Include a Fitness Center, Two Pools, Tennis Courts & Playground

Exclusively Listed By

Multifamily

Crescent Cove Condominiums

Listing Price: $20,000,000

Cap Rate
5.93%
Number of Units
111
GRM
8.15
Price/Unit
$180,180
Price/Gross SF
$196.65
Gross SF
101,705

Investment Highlights

  • Bulk Condominium Portfolio of 111 Units (out of 260 total - 43% Ownership)
  • Offered at Current 5.93% Cap Rate and 8.15 Gross Rent Multiplier
  • 47% Two Bedroom/Two Bathrooms Measuring 1,003 Square Feet
  • Unit Mix Consists of (58) 1 Bedroom | 1 Bathrooms and (53) 2 Bedroom | 2 Bathrooms
  • Unit Features Include, Mix of Ceramic Tile, Laminate or Carpeted Flooring, Electric Appliances, In-Unit Washers & Dryers, Individual Hot-Water Heaters
  • Community Amenities Include a Fitness Center, Two Pools, Tennis Courts & Playground

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Crescent Cove Condominium Portfolio, consisting of 111 (out of 260 total) condominiums located in Coral Springs, Florida. SUBJECT PROPERTY This offering includes 111 out of 260 total condominiums within Crescent Cove in Coral Springs, offering a 43% ownership interest. The Crescent Cove Condominiums were originally constructed in 1987 and comprise (30) two-story buildings on a 13.7-acre lot, according to the Broward County Property Appraiser. The buildings feature concrete-block and stucco exterior walls with barrel tile roofs and central air conditioning. This portfolio totals 101,705 square feet with a unit mix consisting of (58) one-bedroom | one-bathrooms measuring 837 square feet with an average in-place rent of $1,700 per month and (53) two-bedroom | two-bathrooms measuring 1,003 square feet with an average in-place rent of $2,000 per month (47% two-bedrooms). Units feature a mix of ceramic tile, laminate or carpeted flooring, electric appliances, in-unit washers and dryers, individual hot-water heaters, microwaves, formica countertops and balconies or patios. Community amenities include a small fitness center, two swimming pools, tennis courts, a children’s playground and club house. LOCATION The Crescent Cove Condominium Portfolio is located at 8300 Coral Lake Lane, in Coral Springs, Florida. Coral Springs is an affluent West Broward County submarket proximate to Parkland, Coconut Creek and (West) Boca Raton. The 5-mile population was 362,996 and the average household income within 3-miles was reportedly $96,947 according to Experian (2022). The Crescent Cove Condominium Portfolio property is less than one mile east of University Drive, a few minutes east of the Sawgrass Expressway (3.6 miles) and just west of State Road 7 (2.2 miles). Nearby points of interest include Walgreens (1.5 miles), Northwest Regional Library (1.6 miles), Carolina Club Golf Course (1.7 miles), LA Fitness (1.8 miles) and Broward Health Coral Springs Hospital (1.9 miles), Trader Joe’s (1.9 miles), Publix Supermarket North University Drive (2.1 miles), Total Wine & More (2.1 miles), Turtle Run Shoppes (2.1 miles) and Seminole Casino Coconut Creek (3.3 miles). Nearby educational facilities include Hunt Elementary School (0.7 miles), Forest Hills Elementary School (0.9 miles), Coral Springs High School (1.4 miles) and Forest Glen Middle School (2.7 miles). SUMMARY The Crescent Cove Condominium Portfolio is being offered for sale at $20,000,000 or $180,180 per unit and $197 per square foot.

Exclusively Listed By

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