Coral Reef Apartments · 2018. 11. 20. · Coral Reef Apartments Martin Goldstein Russell Goldstein...

Coral Reef Apartments

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648

1991 SE 10th Ave, Deerfield Beach, FL

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.

Martin Goldstein Russell Goldstein561-310-0935 561-503-3648 The-Goldstein-Group.com

Coral Reef AptsOverview


Coral Reef AptsOverview

• Price: $2,650,000• Capitalization: 6.02% (7.37% At Market Rents!)• Fully updated & occupied, cash flowing investment property!• 14 Units Total – 6,710 SF Living Area

• 9 One Bedroom 1 Bath Units• 5 Multi-room Efficiencie

• DIRECTLY across A1A from the Atlantic Coast!• Total parcel size: 14,000 SF • 15 off-street Parking spaces• Available as a separate, single transaction: 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

Hillsboro Beach

Lighthouse Point


Coral Reef AptsFinance – 14 Unit Front Parcel

• Fully occupied and operation investment property!• Significant rental rate upside, as building is updated and well-maintained. • Slightly higher tier of renovation and modernization would be supported easily in this

market/locale. • Units are ideal for use as seasonal Vacation Rentals• Adjacent 3 units and development plot can be purchased together with 14 units as a 17 unit,

28,000 sf parcel package. See following page.

14 Units Offered At:

$ 2,650,000

Cash on Cash Return

Down Payment (25%) 662,500.00 662,500.00

Total Leverage 1,987,500.00 1,987,500.00

Debt Service Expense (Int @ 4.8%) 95,400.00 95,400.00

NOI after Debt Svc 64,155.14 98,400.00

Cash on Cash Return 9.68% 14.85%

14 Units 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

Annual Revenues 222,000.00 262,800.00

Expenses (Annual)

Taxes (current/projected) 40,444.86 48,000.00

Insurance 10,500.00 11,000.00

Utilities (Common) 8,500.00 7,000.00

Repairs and Maint 2,000.00 2,000.00

Pool/Grounds Maint 1,000.00 1,000.00

Total Annual Expenses 62,444.86 69,000.00

Net Operating Income 159,555.14 193,800.00

List Price 2,650,000.00$ 2,650,000.00$


Coral Reef AptsFinance – 17 Unit Total and Parcel Package

17 Units Plus Development

Lot Offered At:

$ 3,700,000

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




Total Annual Expenses 75,058.78 # 84,200.00


Total Price 3,700,000.00$ 3,700,000.00$

Less value of vacant parcel (500,000.00)$ (500,000.00)$

Total investment in units 3,200,000.00$ 3,200,000.00$

Capitalization Rate 5.93% 7.16%

Cash on Cash Return

Down Payment (25%) 925,000.00 925,000.00

Total Leverage 2,775,000.00 2,775,000.00

Debt Service Expense (Int @ 4.8%) 133,200.00 133,200.00

NOI after Debt Svc 56,641.22 95,800.00

Cash on Cash Return 6.12% 10.36%

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




Total Annual Expenses 75,058.78 # 84,200.00


Total Price 3,700,000.00$ 3,700,000.00$

Less value of vacant parcel (500,000.00)$ (500,000.00)$

Total investment in units 3,200,000.00$ 3,200,000.00$

Capitalization Rate 5.93% 7.16%

See following page for preliminary site plans and elevations!


Coral Reef AptsFinance – Rear Parcel Prelim Site Plan

Included Area:

14 Units


Coral Reef AptsPreliminary Elevation


Coral Reef AptsBroad Location Map

Coral Reef Apts

Fort Lauderdale

Atlantic Ocean

Pompano Beach

Boca Raton

Florida Atlantic University

I-95


Coral Reef AptsCoastal Aerial Photograph


Triplex and Vacant Development Plot

Coral Reef AptsCoastal Aerial Photograph



Triplex and Vacant Development Plot


Coral Reef AptsTop-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

[email protected]

561-310-0935

Russell Goldstein

[email protected]

561-503-3648

Drawings and Renderings Provided by:

Coral Reef Apartments · 2018. 11. 20. · Coral Reef Apartments Martin Goldstein Russell Goldstein...

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