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8880 Royal Palm Blvd., Coral Springs, FL 33065

Units Starting at $375,000 (14,000 Sq Ft - Will Subdivide to Suit)

Pinnacle Investment has signed the contract to develop the Second Phase of 8880 Royal Palm Blvd in Coral Springs. The Developer plans to develop a Medical office building that is centrally located off of North University Drive and Royal Palm Blvd within a highly populate residential community on all four side. This building is located 1 mile from Coral Springs Hospital, four miles from University Hospital. Has access to several highways( turnpike, I-75 and is an exit of I-95). This building will be adjacent to a 12,000 sq. ft. 6 unit medical office building with 5 owners/tenants. Plans have been approved by the city for a 14,000 sq. ft. medical office which can remain or be divided into multiple smaller units.

Property Highlights

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  • Property Highlights

    Property Highlights Include:

    14,000 square feet of “ready to build” medical office space
    Site located 1 mile from Coral Springs Hospital
    Surrounded by highly-populated residential community
    Access to several highways – I95 Exit, Sawgrass Expressway, Florida Turnpike
    Adjacent to a 12,000 square foot, 6-unit medical office building
    Parking ratio of 5:1 fully approved

  • Proposed Site Plan

    Lot Size – .37 Acres / 16,176 Square Feet

    6 Proposed Units at $260 Per Square Foot

    Unit 1 – 3,217 Sq Ft

    Unit 2 – 3,059 Sq Ft

    Unit 3 – 2,000 Sq Ft

    Unit 4 – 2,000 Sq Ft

    Unit 5 – 1,575 Sq Ft

    Unit 6 – 1,575 Sq Ft

    Buyers can combine or customize units.

  • Purchase Analysis

    Base Case

    Transaction Details

    Uses of Capital

    Sq Ft Purchased 3,000
    Unit Cost Per Sq. Ft. $195.00
    Buildout Cost/Sq. Ft. $50.00
    Total Purchase Price/Sq. Ft. $245.00

    Purchase Price $735,000

    Total Cash at Close $735,000
    Investor Equity $147,000
    Sources of Capital
    Investor Equity $147,000
    Senior Mortgage Financing $588,000 80%

    Financing
    Interest Rate 5.00%
    I/O Period 0
    Amortization Period 20
    Annual all-in Mortgage Payment $47,183

    Common Area Maintenance (CAM) Charges/SF $4.50
    Real Estate Taxes/SF $5.50
    Total Additional Costs/Year $30,000

    Est. Total Cost of Ownership $77,183
    Potential Tax Savings $8,346
    Lease Analysis:

    Rent/SF (NNN) $17.00
    Common Area Maintanence (CAM) Charges/SF $4.50
    Real Estate Taxes/SF $5.50
    Total Cost of Leasing/SF $27.00

    Sq. Ft. Leased 3,000

    Est. Lease Cost/Year $81,000

Download Royal Palm Presentation (PDF)
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