Coral Reef Apartments 1991 SE 10 th Ave, Deerfield Beach, FL
Overview Located on the border of Deerfield Beach and beautiful upscale Hillsboro Beach, the Coral Reef Apartments feature an A-plus location right on the Atlantic Coast, making them an excellent prospect for traditional multi-family rentals, seasonal vacation rentals, or any combination thereof. Coral Reef is fully renovated and currently fully leased to long term tenants, with one unit used for AirBnB rentals. With an easily finance-able operating history and 100% stable occupancy, it is an attractive investment prospect in this market. Rents are also slightly below market levels, offering immediate upside in addition to medium and long term rent/value growth. Adjacent to the property is a triplex of three very large units and an open lot owned by the same seller, all zoned RM25. Please see attached treatment and site plan Surrounded on nearly all sides by upscale condominiums and apartments, Coral Reef is truly poised to provide excellent, reliable cash flow for years to come, as well as future multi-family development opportunities on the contiguous vacant parcel, also enjoying a prime intracoastal/atlantic Coast location. These spacious units feature attractive floorplans and views of the Atlantic Coast, as well as a large pool and beautiful grounds. Combined, these features create an excellent experience and value for tenants and vacationers. Rentals are an absolutely dominant part of South Florida s Real Estate market, as the area is best known as a very popular destination for travelers around the world seeking the beautiful atmosphere and leisurely lifestyle that South Florida has to offer. This not only bolsters population growth and tourism, but the service industry as well across the board. This not only includes those sectors driven by tourism (dining, bars, entertainment) it also encompasses professionals of all kinds (accountants, lawyers, financial services, insurance sales). When presented against the backdrop of a nationwide economic shift towards service-centric jobs and businesses, South Florida appears poised to remain in high demand as a rental market for years to come. Being solidly in-step with nationwide economic trends overall promotes steady, sustainable job growth over the long term. As a result, the area has seen healthy population growth, and thus increased and sustained rental demand over the last decade. These factors combine to create excellent investment value for landlords, and affordable, quality rental housing in a prime location.
Overview Price: $3,250,000 Capitalization: 5.76% (7.05% At Market Rents!) Fully updated & occupied, cash flowing investment property! 17 Units Total 6,710 SF Living Area 11 One Bedroom 1 Bath Units 5 Multi-room Efficiencies 1 2BR 1BA Unit DIRECTLY across A1A from the Atlantic Coast! Total parcel size: 14,000 SF 15 off-street Parking spaces Adjacent Triplex and 7,000 SF (14000 sf total) land parcel that will accommodate the construction of additional multi-family rental units or townhouses. See site plan on page 6 Excellent, Class A location in Broward County s most desirable beachfront live/work/play area. Fully renovated units and pool area! Brand new, high end finishes throughout! All residents on long term 12 month leases. Units can be partially or fully rented seasonally for a portion of the year. Zoning RM25 25 Units to the acre. Located directly on the border of Hillsboro Beach and Deerfield Beach, surrounded by beautiful condominiums and high end vacation units! Mere steps from the Atlantic Ocean and beautiful South Florida Beaches! Close proximity to all that Broward County has to offer: High end dining and shopping along A1A Premier South Florida nightlife in Deerfield and Hillsboro Beaches, just a short drive or walk away. Beautiful white-sand Atlantic Coast Beaches the most desirable\ coastal location in South Florida! Convenient to Fort Lauderdale as well as Delray Beach, Highland Beach, Boca Raton, and all that South Florida has to offer at an affordable rental rate! Boca Raton Deerfield Beach Coral Reef Apartments Hillsboro Beach Lighthouse Point
7 1/1.00 1,450.00 1,650.00 8 1/1.00 1,350.00 1,650.00 9 Eff 1,250.00 1,400.00 10 1/1.00 1,350.00 1,650.00 11 Eff 1,000.00 1,400.00 12 1/1.00 1,450.00 1,650.00 Finance 14 Unit Front Parcel 13 1/1.00 1,500.00 1,650.00 14 1/1.00 1,300.00 1,650.00 Subtotal 18,500.00 21,900.00 17 Units Offered At: $ 3,250,000 Monthly Totals 22,075.00 26,100.00 Annual Revenues 264,900.00 313,200.00 Expenses (Annual) Fully occupied and operation investment property! Significant Taxes (current, rental rate projected) upside, as building is updated and well-maintained. 51,858.78 Slightly Insurance higher tier of renovation and modernization would be supported 11,000.00 easily in this 62,500.00 11,000.00 market/locale. Utilities (Common) 8,500.00 7,000.00 Units Repairs are ideal and Maint for use as seasonal Vacation Rentals 5,000.00 5,000.00 Adjacent 3 units and development plot can be purchased together with 14 units as a 17 unit, Pool/Grounds Maint 1,200.00 1,200.00 28,000 sf parcel package. See following page. Total Annual Expenses 77,558.78 # 86,700.00 Net Operating Income 187,341.22 226,500.00 Total Price $ 3,250,000.00 $ 3,250,000.00 Capitalization Rate 5.76% 6.97% Cash on Cash Return Down Payment (25%) 812,500.00 812,500.00 Total Leverage 2,437,500.00 2,437,500.00 Debt Service Expense (Int @ 4.8%) 117,000.00 117,000.00 NOI after Debt Svc 70,341.22 109,500.00 Cash on Cash Return 8.66% 13.48% 1911 Se 10th BD/BA Current Market 1 2/2.0 1,650.00 1,800.00 2 1/1.0 850.00 1,200.00 3 1/1.0 1,075.00 1,200.00 Subtotal 3,575.00 4,200.00 1991 SE 10th BD/BA Current Market 1 1/1.00 1,400.00 1,650.00 2 Eff 1,200.00 1,450.00 3 1/1.00 1,300.00 1,650.00 4 Eff 1,400.00 1,400.00 5 1/1.00 1,300.00 1,650.00 6 Eff 1,250.00 1,400.00 7 1/1.00 1,450.00 1,650.00 8 1/1.00 1,350.00 1,650.00 9 Eff 1,250.00 1,400.00 10 1/1.00 1,350.00 1,650.00 11 Eff 1,000.00 1,400.00 12 1/1.00 1,450.00 1,650.00 13 1/1.00 1,500.00 1,650.00 14 1/1.00 1,300.00 1,650.00 Subtotal 18,500.00 21,900.00 Monthly Totals 22,075.00 26,100.00 Annual Revenues 264,900.00 313,200.00 Expenses (Annual) Taxes (current, projected) 51,858.78 62,500.00 Insurance 11,000.00 11,000.00 Utilities (Common) 8,500.00 7,000.00 Repairs and Maint 5,000.00 5,000.00 Pool/Grounds Maint 1,200.00 1,200.00 Total Annual Expenses 77,558.78 # 86,700.00 Net Operating Income 187,341.22 226,500.00 Total Price $ 3,250,000.00 $ 3,250,000.00 Capitalization Rate 5.76% 6.97% Cash on Cash Return Down Payment (25%) 812,500.00 812,500.00 Total Leverage 2,437,500.00 2,437,500.00
Finance Rear Parcel Prelim Site Plan 14 Units Included Area:
Preliminary Elevation
Broad Location Map Florida Atlantic University Boca Raton I-95 Pompano Beach Atlantic Ocean Fort Lauderdale
Coastal Aerial Photograph Coral Reef Apartments Triplex and Vacant Development Plot
Coastal Aerial Photograph Coral Reef Apartments Triplex and Vacant Development Plot
Top-Down Aerial Photograph Sr A1A Coral Reef Apartments Additional Parcel and Land Avail Separately
Contact Listing Agents For more information or to schedule a property tour please do not hesitate to contact us at the numbers and/or email addresses below: Martin Goldstein, Lic. Real Estate Broker Martin@TheGoldsteinRealEstateGroup.com 561-310-0935 Russell Goldstein Russell@TheGoldsteinRealEstateGroup.com 561-503-3648 Drawings and Renderings Provided by: