8430 NW 40th St, Coral Springs, FL 33065

THE OFFERING

CBRE is pleased to present Coral Flats, a 14‑unit multifamily property at 8430 NW 40th Street in Coral Springs, FL. Built in 1972 with durable concrete construction, the asset spans 0.79 acres and includes six 1BR units and eight 2BR/1BA units averaging 679 SF. The property is 93% occupied (one vacancy) with in‑place rents of $1,735, underscoring strong demand and stable tenancy.

The community offers a compelling physical profile, featuring a majority 2BR unit mix, impact windows, and a 2015 roof that supports long‑term durability. Units include central A/C and hard flooring, with six units equipped with washers and dryers plus an onsite laundry facility. A swimming pool adds to the property’s renter appeal and competitiveness within the submarket.

Located in the heart of Coral Springs, the property is surrounded by affluent demographics and highly rated Broward County schools. Within a three‑mile radius, the average household income of $98,000 supports market rents near $2,450/month under a standard 30% rent‑to‑income ratio. The surrounding mix of single‑family homes and condominiums further strengthens renter demand.

Coral Flats presents a clear value‑add opportunity with current rents approximately 20% below market. A light $10,000 per‑unit renovation could modernize interiors and unlock roughly $33,000 in rental upside, with projected post‑renovation rents of $1,700 for 1BRs and $2,100 for 2BRs, or $1,930 on average.

The property benefits from excellent connectivity, located three miles from the Sawgrass Expressway with convenient access to 60M+ SF of nearby office and major employment centers including Sunrise, Plantation, Cypress Creek, Fort Lauderdale, and Boca Raton—all within a 30‑minute drive. According to CoStar, submarket rents average $1,931 (1BR) and $2,340 (2BR), highlighting the asset’s below‑market position.

INVESTMENT HIGHLIGHTS

• Prime Suburban Location

  Coral Flats is positioned within one of South Florida’s most affluent and stable suburban markets, benefiting from high household incomes, strong schools, family oriented amenities, and efficient access to major employment corridors. Together, these factors create a resilient foundation for sustained renter demand, rent growth, and long term value creation.

• Clear Income Upside

  The property is very well maintained. However, a light value add program—modernizing interiors and adding in unit washers and dryers to the eight remaining units—supports approximately $200 per unit in achievable rent upside, enhancing both cash flow and overall asset yield.

• Exceptional Demographic Profile

  The property is surrounded by strong residential fundamentals, including Coral Lago, a 185 home community built in 2021 with homes selling for up to $970,000. Within a five mile radius, the area boasts 337,000 residents, 113,000 jobs, and an average household income of $98,000, reinforcing the depth and quality of local renter demand.

• Adjacent to a 38-Acre Nature Preserve

  Directly next door, the Sandy Ridge Sanctuary provides 38 acres of preserved natural land with walking and biking trails—an attractive lifestyle amenity that enhances resident satisfaction and supports premium occupancy.

• Proximity to Major Medical Employment Hub

  Located less than two miles away, Broward Health Coral Springs is a 278-bed acute care hospital employing 1,200 employees and over 700 affiliated physicians, and treating approximately 126,000 patients annually. This major healthcare center serves as a steady demand generator for rental housing and contributes to strong economic stability in the immediate area.