Jacobs Apartments 10120 NW 36th St

PRICE REDUCED FROM $6.5 TO 6.0 MILLION.
CBRE is pleased to present Jacob Apartments, an excellent boutique value-add investment opportunity featuring - 20 oversized apartment units consisting of 12 two- and 8 three-bedroom units averaging 1,181 square feet. The property is located in the heart of Coral Springs, surrounded by affluent demographics and highly rated public schools.
Built in 1975, the property has been consistently near or at 100% occupancy with effective rents of $2,231 per unit - $1.89 PSF. Market rents are $2,397 per unit - $2.03 PSF. 5 of the 20 units have been renovated with market rents of $2,510 per unit - $2.13 PSF. A new buyer can either move all units to market rents which provide $40,000 in loss to lease upside, and/or look to renovate the 15 non renovated units and get $27,000 in additional value-add upside.
The area immediately surrounding the property has excellent demographics. Average income in a three-mile radius is $115,000, using 30% of income attributable to rent the demographics in the immediate support rents of almost $2,875. Nearby public schools are among the best in Broward County which makes the unit mix even more desirable for potential renters.
The property is located less than two miles from the Sawgrass Expressway providing access to over 60 million square feet of office. The major employment sectors of Sunrise, Plantation, Cypress Creek, Ft. Lauderdale, and Boca Raton are all under 30 minutes away. Coral Springs is one of the strongest suburban rental markets in South Florida. Per CoStar, the submarket has average rents of a little over $2,327 for a two bedroom and $2,884 for a three bedroom. The average in-place rent at Jacob Apartments is 16% below the two- and three-bedroom submarket rental averages.