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Martin J. Goldstein - (561) 310-0935
Russell L. Goldstein - (561) 503-3648
http://www.the-goldstein-group.com
Coral Reef Apartments17 Multi-Family Units In Coastal Deerfield Beach
Presented Exclusively By:
1991 SE 10th St, Deerfield Beach, FL
OverviewCoral Reef Apartments
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.
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 with attractive floorplans and views of Hillsboro Beach, as well as a large pool and beautiful grounds creating an excellent experience and value for tenants and vacationers.
Vacation rentals are an integral 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.
Ownership purchased the property with existing tenants, and removed all tenants in order to fully renovate the units as well as the common areas (pool, courtyard, balconies) to ensure the best tenant and landlord value possible.
South Florida’s multifamily and vacation rental market continues to be strong as the housing market continues its trend toward rentals, and tourism remains a large driver of the local economy.
Notes and OverviewCoral Reef Apartments
Price: $3,575,000Capitalization: 6.08%• 16 One Bedroom 1 Bath Units• 1 Two Bedroom, 2 Bath Unit• Excellent, Class A location in Broward County’s most desirable beachfront live/work/play area.• Units are currently under full renovation and will be delivered finished and 100% rented with carefully
selected and screened tenants. • Fully renovated units and pool area! Brand new, high end finishes throughout!• Able to be rented long term on 12 month leases or rented seasonally for a portion of the year (see pro
forma)• Huge development opportunity via contiguous land parcel that will accommodate the construction of
additional multi-family rental units.• Currently zoned for construction of an additional 4 multifamily rental units or condominiums.
(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!• Beautiful white-sand Atlantic Coast Beaches – the most desirable coastal location in South Florida!
Financial Data –17 Existing UnitsCoral Reef Apartments
“Current” column accounts for all units rented at average Market rents of $1,838.00 per month. “Vacation Rental” column accounts for 7 months of normal Market rents, and then also 5 months during which 5 out of 17 units are rented for $3,000 per month (per normal seasonal rates for the area).
Aerial Overview –Parcel BordersCoral Reef Apartments
Aerial OverviewCoral Reef Apartments
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Aerial OverviewCoral Reef Apartments
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http://www.the-goldstein-group.com
Contact Listing Agents
Martin J. Goldstein, Lic Real Estate [email protected]
(561) 310-0935
Russell L. [email protected]
(561) 503-3648
For more information or to schedule a property tour please do not hesitate to contact us at the numbers and/or email addresses below:
Coral Reef Apartments
