Coral Flats is a 14-unit multifamily asset at 8430 NW 40th Street in Coral Springs, Florida. Built in 1972 with concrete construction, the property spans 0.79 acres and includes six 1BR units and eight 2BR/1BA units averaging 679 SF. The asset is 100% occupied with average rents of $1,734, reflecting stable operations.
Coral Flats features a majority 2BR mix, impact windows, a 2015 roof, central A/C, and hard flooring throughout. Six units contain in-unit washers and dryers, supported by an onsite laundry room, and residents have access to a community swimming pool.
Located in central Coral Springs, the property benefits from strong demographics and top schools. Within a three-mile radius, the average household income of $98,000 supports market rents near $2,450, and surrounding single-family and condo housing reinforces stable demand.
With current rents roughly 20% below market, the property offers a clear value-add opportunity. A light $10,000 per-unit renovation could support post-upgrade rents of $1,700 for 1BRs and $2,100 for 2BRs, or $1,930 on average, representing about $33,000 in upside.
The asset is three miles from the Sawgrass Expressway, providing access to 60M+ SF of nearby office and major employment hubs including Sunrise, Plantation, Cypress Creek, Fort Lauderdale, and Boca Raton—all within 30 minutes. CoStar reports submarket rents of $1,931 for 1BRs and $2,340 for 2BRs, underscoring the rent growth potential.