Crescent Cove Condominium Portfolio 8300 Coral Lake Ln Coral Springs, FL 33065

8300 Coral Lake Ln Coral Springs, FL 33065

$20,000,000

Overview

Prime Bulk Condominium Portfolio in Coral Springs

Extensive Portfolio: 111 out of 260 total units (43% ownership) in Crescent Cove Condominiums.
Unit Features:
- 47% are two-bedroom, two-bathroom units, each measuring 1,003 square feet.
- Flooring options include ceramic tile, laminate, or carpet.
- Equipped with electric appliances, in-unit washers and dryers, and individual hot-water heaters.
Financial Metrics:
- Offered at a current 5.93% cap rate.
- Gross Rent Multiplier of 8.15.
Unit Mix:
- 58 units are one-bedroom, one-bathroom (837 sq. ft.).
- 53 units are two-bedroom, two-bathroom (1,003 sq. ft.).
Community Amenities:
- Fitness center, two swimming pools, tennis courts, playground, and club house.

This investment opportunity comprises 111 of the 260 total condominium units within Crescent Cove in Coral Springs, representing a 43% ownership stake. Constructed in 1987, Crescent Cove consists of 30 two-story buildings spread over a 13.7-acre lot, featuring concrete block and stucco exteriors with barrel tile roofs and central air conditioning.

The portfolio spans 101,705 square feet, offering 58 one-bedroom, one-bathroom units (837 sq. ft. each) with an average rent of $1,700 per month, and 53 two-bedroom, two-bathroom units (1,003 sq. ft. each) with an average rent of $2,000 per month. Units include a mix of ceramic tile, laminate, or carpeted flooring, electric appliances, in-unit washers and dryers, individual hot-water heaters, microwaves, Formica countertops, and balconies or patios.

Community amenities enhance the living experience, featuring a fitness center, two swimming pools, tennis courts, a children’s playground, and a clubhouse. This offering represents a solid investment with significant ownership and attractive rental income potential in a well-maintained community.