3 Acres In Downtown Coral Springs

EXECUTIVE SUMMARY
ATTENTION DEVELOPERS and INVESTORS! Here is your chance to purchase and develop 3 ACRES in the middle of Coral Springs' Downtown District. Located just 500 ft from the intersection of University Dr. and Sample Rd. The area is seeing a great redeveloping with Cornerstone Plaza currently under construction of a mixed-use property including a full service hotel, luxury apartments, restaurants, and retail space. And coming soon across from Cornerstone Plaza will be City Village, a proposed project with grocery, retail, restaurants and entertainment. THIS PROPERTY INCLUDES 3 PARCELS. BEING SOLD FOR THE LAND. Zoned DT-MU (Downtown Mixed-Use) the possibilities are numerous.
The property consists of 3 one acre parcels with 5 one story buildings and parking currently operating as rental apartments. 100% vacancy. Has POSITIVE CASH FLOW! 2.4% Cash on cash return As-Is. All units on month-to-month. Current financials available upon request.

PROPERTY FACTS:
Price $13,000,000
Price Per Unit $260,000
Sale Type Investment
Cap Rate 2.50%
Sale Conditions Redevelopment Project
No. Units 50
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 2.98 AC
Building Size 42,425 SFAverage Occupancy 100%
No. Stories 1
Year Built 1973
Parking Ratio 2.14/1,000 SF

UNIT AMENITIES:
Air Conditioning
Microwave
Ceiling Fans
Refrigerator
Oven
Range
Carpet
Grill

ZONING:
Zoning Code DT-MU (Downtown Mixed-Use)

Mortgage amount

Period

Total cost of mortgage:$16,222,291

Monthly payments:$45,062