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CLUB CARIBE
CONDOMINIUM
5500 NW 61st Street
Coconut Creek, FL

BULK/ INDEVIDUAL SALE

MULTIFAMILY
INVESTMENT
OPPORTUNITY

144 AVAILABLE UNITS

WITHIN A
377 UNIT COMMUNITY

By
RAMOT PROPERTIES
786-877-0765

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CONTENTS

DIRECTION OF POINT OF INTEREST 4

INVESTEMENT HIGHTLIGHTS 5

PROPERTY OVERVIEW 7

8
SITE PLAN
9

FLOOR PLAN 10

FINANCIAL ANALYSIS 11

RENTAL MARKET OVERVIEW 15

RENT COMPARABLES 19

AREA OVERVIEW

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 LOCATION / POINT OF INTEREST
S H O P PING
1 Margate City Center
2 Downtown Coral Springs Project
3 Coral Square Mall
4 MainStreet Coconut Creek Project
5 Pompano Citi Center
6 The Galleria Mall
7 Broward Mall
8 Sawgrass Mills Mall
9 IKEA
10 Town Center Mall
11 Mizner Park

E N T EERTAINMENT
RTAINMENT
12 Bank Atlantic Center
13 Broward Center for the Performance Arts
14 Seminole Casino - Coconut Creek
15 The Isle at Pompano Park
16 Hard Rock Hotel & Casino
17 Beach Place
18 Las Olas District
19 Boca Raton Resort

PARKS
20 Tradewinds Park
21 Quiet Waters Park
22 Markham Park
23 Hugh Taylor Birch State Park
24 John U. Lloyd Beach State Park

H E A L TH CARE
25 University Hospital
26 Florida Medical Center
27 N. Broward Medical Center
28 Broward General Hospital
29 West Boca Community Hospital
30 Cleveland Clinic Florida
CLUB CARIBE
CONDOMINIUM
E D U C ATION / 5500 NW 61st Street, Coconut Creek, FL 33073
E M P L OYMENT CENTERS
31 Sawgrass Corporate Park
32 Cypress Creek Office Market Directions :
33 Downtown Ft. Lauderdale
34 T-Rex Corporate Park From I - 95 or Florida ’ s Turnpike :
35 Nova University / Exit at the Sawgrass Expressway. Go west to the 2nd exit, 441
Broward Community College
36 Florida Atlantic University North.
37 Lynn University Follow for ½ mile to NW 61st Street. Club Caribe is on your
right.
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 INVESTMENT HIGHLIGHTS
§ Club Caribe Offers an opportunity to purchase 144
condominium units in a Class “A” 377-unit garden
condominium community located in the rapidly • Club Caribe is located within one mile of the
growing city of coconut creek in northwestern newly opened The Promenade at Coconut Creek
Broward county. The l17 acres property is highly mixed-use development, a 23-acre mixed-use project
maintained and equipped with the latest and the first project to be constructed within the
amenities. Club Caribe represent an excellent newly designated Downtown District of the City of
opportunity to purchase at well below replacement Coconut Creek. The complex will feature
costs. approximately 200,000 square feet of upscale retail
§ and 80,000 square feet of Class “A” office space. The
center is expected to receive LEED certification,
• The Club Caribe property consist of superior designating it as one of the first major
construction quality built in 2000 and converted developments in the Southeast U.S. to meet high
to condos in 2005. The property consist of 14 standards for environmentally-responsible design.
garden style three story buildings , Gated
community with amenities, plenty of parking and •
large size units. • The Seminole Tribe has plans to replace its existing
• Coconut Creek Casino, located just two miles west of
Club Caribe, with a sprawling, hotel-gambling complex
• In 2005 the converter implemented an improvement far more luxurious than its Hard Rock Hotel &
program to both the exterior and the interior of Casino in Hollywood. Initial plans call for a 24-
the property. Select units have been upgraded story hotel with 1,500 rooms, a spa.
with new appliances and carpet, new tile flooring,
granite countertops, new light fixtures and
kitchen/bathroom upgrades.
•
• The condominium converter sold and closed 233 units
between 2006-2008 at an average price of $170,000
for 1 Bed and $280,000 for 2 Bed. An investor may
choose to continue the sellout process by
offering discounted retail prices to achieve
significant profit.
•
• The remaining 144 units at Club Caribe are currently
95% occupied and offering rent at $1.06/square
foot, reflecting strong demand for rental housing
in the area. The strong rental performance gives
an investor the option to continue the leasing
operation and earn immediate cash flow, while
allowing for condominium sales in the future upon
improving for- sale market condition.
•
•

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INVESTMENT HIGHLIGHTS

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 PROPERTY OVERVIEW

Property : Club Caribe UNIT MIX : ( Unsold Units )

Address : 5500 NW 61st Street Coconut Creek, FL 33073 BED/ UNIT No. OF % OF A/C SQ. GROSS BASE MARKET RENT/
Year Built : Year Built: 2000 BATHS MODEL UNITS TOTAL FT. * SQ. FT. *
MONTH SQ. FT.
Number of 144 available units within a 377-unit community 1/1 Antigua 62 43% 800 846 $850 $1 .06
Units :
Site Area : 17+ acres 2/1 Barbados 40 27% 945 1,015 $950 $1.00
Density : 8.4 units/acre 2/2 Curacao 42 30% 1,075 1,130 $1,050 $0.97
Sold Units : 233 sold units

BED/ UNIT A/C SQ. GROSS SQ. No. OF SALE PRICE AVG. SALE
BATHS MODEL FT. * FT. * UNITS 2006 PRICE
* Owner and Broker make no representation as to the actual square
footage of any units. Prospective purchasers are encouraged to
1/1 Antigua 800 846 62 $170,000 $56,000 independently confirm the measurement of all units.
2/1 Barbados 945 1,015 40 $270,000 $65,000
2/2 Curacao 1,075 1,130 42 $280,000 $75,000 STRUCTURAL DETAIL
Style : Garden
Buildings : 14 buildings three-story apartment buildings
Construction : Concrete Block construction with Hambro Floor
Joist System – sound-insulated, noncombustible
concrete construction using steel joists for
Windows / Doors :
* Owner and Broker make no representation as to the actual square durability
Energy -efficient solar bronze tinted glass
footage of any units. Prospective purchasers are encouraged to throughout; metal-clad insulated front door
independently confirm the measurement of all units. with dead -bolt lock
Roofs : Cement tile roofs . and eye viewer
Plumbing : Copper and PVC

Average Sale $270,415 average price of sold units (2 Bed)

Price
Total : Rentable 133,587± rentable square feet (unsold units only)
Area :
Average unit size : 935+ A/C square feet
UTILITIES / MECHANICAL SYSTEM
Price : $50,000- $75,000
Offers : All Cash Electricity : Provided by Florida Power & Light
Terms : All cash Water / Sewer : Provided by City of Coconut Creek.

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 SITE CHARACTERISTICS

SITE CHARACTERISTICS
Location Located northeast of the Coral Tree Circle/Sample Road
intersection, bordered by Tradewinds Park to the east
Access Entrance along NW 61 Street
Visibility Drive-by visibility from the Sawgrass Expressway and
State Road 441
Landscaping The property consists of lush tropical landscaping
Lighting Site illumination is provided by building mounted fixtures
and light poles positioned throughout the grounds and
parking areas
Parking 727 total parking spaces (372 assigned, 355 guest)
Parking Ratio 1.95 spaces per unit

COMMUNITIY AMENITIES:

• Secure Gated community

• Resort pool with tropical waterfall
• Two tennis courts
• Tropical landscaping
• Clubhouse/fitness center

SELECT UNIT FEATURES :

• Car Care center
• Fully Equipped Modern Kitchen
Playground
• Wall to Wall carpet
• Washer/dryers
• Ceramic tile in Kitchen and Baths

• Room-sized screened and Large size terraces in the units

• Vaulted Ceilings
• Abundant closet space
• Controlled central air/heat
• Ceiling fans in Master Bed and Living room

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FLOOR PLANS

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 FINANCIAL ANALYSIS

UNIT No. OF SQUARE RENT RENT/ SFHOA/ RE TAXES/ YEARLY YEARLY NOI
TYPE UNITS FEET MONTH*** MONTH *** INCOME EXPENSES

1/1 62 846 $850 $1.06 $169 $140 $10,200 $3,708 $6,492

2/1 40 1015 $950 $1.00 $200 $165 $11,400 $4,380 $7,020

2/2 42 $1130 $1050 $0.97 $228 $180 $12,600 $4,896 $7,704

UNIT TYPE PRICE RANGE AVERAGE ANNUAL YEILD

NOI*

1/1 $50K-$56K $6,492 12.9%-11.5%

2/1 $56K-$66k $7,020 12.5%-10.6%

2/2 $66K-$75k $7,704 11.6%-10.2%

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RENTAL MARKET OVERVIEW

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 RENTAL MARKET OVERVIEW

le. The Coconut Creek/Coral Springs rental apartment submarket consists primarily of garden properties, the majority of which were built in

of the county.
of 1,640 units per year. No new rental units are projected to be delivered in the Coral Springs/Coconut Creek submarket in 2009. This trend
2.8% over the past five years, easily outweighing the supply of newly developed rental units.

scarce and expensive, as developers are having difficulties assembling parcels large enough to construct a multifamily or single- family ho

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Occupancy
• As of the 3rd quarter 2008, apartment occupancy levels in
Broward County averaged 93.5% for all submarkets. The
Coral Springs/Coconut Creek submarket averaged 93.8%,
representing the second highest occupancy in Broward
County and the fifth strongest submarket occupancy in all
of South Florida, including Miami-Dade and Palm Beach
counties.
•
RENTAL MARKET OVERVIEW
Occupancy
• As of the 3rd quarter 2008, apartment occupancy levels in
Broward County averaged 93.5% for all submarkets. The Coral
Springs/Coconut Creek submarket averaged 93.8%, representing
the second highest occupancy in Broward County and the fifth
strongest submarket occupancy in all of South Florida,
including Miami-Dade and Palm Beach counties.
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 RENTAL MARKET OVERVIEW

Rents
• In reaction to the limited number of new multifamily deliveries and a shrinking supply of apartments, Broward County and
the Coral Springs submarket experienced rapid rent growth between 2005 and 2006.
• Despite a recent shock in supply as a result of planned condominium conversions reverting back to rentals, year-over-year
rents as of 3rd quarter 2008 showed a 0.5% increase in Broward County.
• The long-term effects of negligible new rental deliveries, the conversion of thousands of rental units to condominiums,
“for sale” affordability issues and major employment centers in the area are all positive for the apartment market and
will provide an excellent foundation for long term rent growth throughout the County and particularly the Coral

Broward Co . Permit Activity 1996-YTD Oct. 2008

YEAR SINGLE FAMILY % CHANGE MULTI FAMILY % CHANGE TOTAL

1996 9,548 17% 4,612 3% 14,160

1997 -7,481 22% 5,352 16% 12,833
1998 8,753 17% 3,327 -38% 12,080
1999 8,574 -2% 3,210 -4% 11,784
2000 9,148 7% 2,559 -20% 11,707
2001 8,276 -10% 2,492 -3% 10,768
2002 5,179 -37% 6,125 146% 11,304
2003 3,931 -24% 4,432 -28% 8,363
2004 4,811 22% 3,980 -10% 8,791
2005 3,609 -25% 3,342 -16% 6,951
2006 3,550 -2% 3,166 -5% 6,716
2007 1,754 -51% 2,179 -31% 3,933
Oct-08 Ann. 1,036 -41% 1,402 -36% 2,437

Source: UF Bureau of Economic and Business Research

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 RENT COMPARABLES

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 RENT COMPARABLES

Apartment Realty Advisors has surveyed several apartment

properties in the surrounding area. In this survey, each
property was analyzed and rent adjustments were applied to
reflect differing rent structures (e.g. concessions,
washer/dryers, resident-paid utilities and garages).The
analysis of the adjustments can be viewed in detail within
the following section.
COMPETITIVE MARKET SURVEY

# PROPERTY ADDRESS YEAR # OF TOTAL AVG MARKET MARKET OCC.

BUILT UNITS NRA SQ FT RENT RENT PSF
S Club Caribe 2000 144 133,000 935 $950 $1.061 95%
5500 NW 61st Street
1 CYPRESS SHORES 1991 300 317,444 1,058 $1,054 $1.00 90%
1901 Lyons Road
• 2 BLUE ISLE 1988 340 333,820 982 $1,086 $1.11 92%
5100 Sample Road
3 FISHERMAN'S 1985 268 228,300 852 $1,043 $1.22 91%
LANDING 4854
Fisherman’s Drive

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 RENT COMPARABLES

SURVEY DATEClub CaribeNov-09 SURVEY Cypress

DATE Shores8-Dec
Coconut Creek, FL 33073 1901 Lyons Road Coconut Creek 33063
# OF UNITS 144 # OF UNITS 300
NRA 133,000 NRA 317,444
YEAR BUILT 2000 YEAR BUILT 1991
OCCUPANCY 95% OCCUPANCY 90%
RENT/UNIT $950 RENT/UNIT $1054
RENT PSF $1.06 RENT PSF $1.00

Unit Mix Unit Mix

UNIT TYPE # OF AVG SF MARKET RENT PER TOTAL UNIT TYPE # OF AVG SF MARKET RENT PER TOTAL
UNITS MONTH SF SF MONTH SF
UNITS SF
1 BEDROOM / 1 BATHROOM 62 800 $850 $1.06 49,600 1 BEDROOM / 1 BATHROOM 96 848 $915 $1.08 81,408
2 BEDROOM / 1 BATHROOM 40 945 $950 $1.00 37,800 2 BEDROOM / 1 BATHROOM 44 1009 $965 $0.96 44,396
2 BEDROOM / 2 BATHROOM 42 1,075 $1,050 $0.97 45,150 2 BEDROOM / 2 BATHROOM 100 1086 $1,087 $1.00 108,600
Totals/Averages 144 940 $950 $1.01 132,500 Totals/Averages 300 1058 $1054 $1.00 251,720

Community Amenities Community Amenities

Gated community, Clubhouse, Tennis court(s), Bocci, Basketball court(s), Sauna, Shuffleboards, Clubhouse,
Swimming pool(s), Fitness center, playground, Tennis court(s), Bocci, Swimming pool(s), Billiards,
Jacuzzi/Whirlpool, Car Care, Sand volleyball court Fitness center, layground, Indoor racquetball court(s),
Interior Features Jacuzzi/Whirlpool, Volleyball court(s), Golf driving net
Washer/dryer, Vaulted ceiling in select units, Disposal, , Interior Features
Dishwasher, Walk-in closets, Carpet, Patio/balcony Washer/dryer, Vaulted ceiling in select units, Disposal,
Concessions / Specials Lake views, Dishwasher, Walk-in closets, Carpet,
2 Months free rent with a 12 month lease Patio/balcony
Water paid by Resident, Electric paid by Resident
Concessions / Specials
2 Months free with a 12 - month lease

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 RENT COMPARABLES

Blue Isle DATE

SURVEY 8-Dec Fisherman’s
SURVEY Landing
DATE 8-Dec
5100 Sample Road 4854 Fisherman's Drive
#Coconut
OF UNITSCreek, FL 33073340
#Coconut Creek, FL 33063268
OF UNITS

NRA 333,820 NRA 228,300

YEAR BUILT 1988 YEAR BUILT 1985
OCCUPANCY 92% OCCUPANCY 91%
RENT/UNIT $1,086 RENT/UNIT $1043
RENT PSF $1.11 RENT PSF $1.22

Unit Mix Unit Mix

UNIT TYPE # OF AVG SF MARKET RENT PER TOTAL UNIT TYPE # OF AVG SF MARKET RENT PER TOTAL
UNITS MONTH SF SF MONTH SF
UNITS SF
1 BEDROOM / 1 BATHROOM 156 775 $950 $1.23 120,900 1 BEDROOM / 1 BATHROOM 70 750 $955 $1.17 52,500
2 BEDROOM / 2 BATHROOM 40 1,075 $1,150 $1.07 43,000 2 BEDROOM / 2 BATHROOM 130 950 $1,130 $1.09 123,500
2 BEDROOM / 2 BATHROOM 144 1,180 $1,215 $1.03 169,920 2 BEDROOM / 2 BATHROOM 18 1,100 $1,255 $1.14 19,800
Totals/Averages 340 982 $1086 $1.11 333,820 Totals/Averages 268 852 $1043 $1.16 228,300

Community Amenities Community Amenities

Car wash area, Laundry Facility, Business Center, Club Basketball court(s), Sauna, Shuffleboards, Clubhouse,
House, Swimming pool, Jacuzzi, Fitness center, Racquetball Tennis court(s), Bocci, Swimming pool(s), Billiards,
court Fitness center, layground, Indoor racquetball court(s),
Interior Features Jacuzzi/Whirlpool, Car wash area
Washer/dryer, High speed internet, Disposal, Lake views, Interior Features
Dishwasher, Walk-in closets, Carpet, Patio/balcony Washer/dryer, Vaulted ceiling in select units, Disposal,
Concessions / Specials Lake views, Dishwasher, Walk-in closets, Carpet,
$100 off per month plus one Month free with a Patio/balcony
12 - month lease Concessions / Specials
Reduce rent 1Bed - $825 , and 1 month free rent
for 2 Bed with a 12 - month lease

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 AREA OVERVIEW

Club Caribe is located in the heart of Coconut Creek in the northwest quadrant of Broward County. The city encompasses 11.3
square miles of land with proximity to the Everglades and the Atlantic Coast. Incorporated in 1967, Coconut Creek is one of
Broward County’s newest and fastest growing communities in terms of resident population and employment. Coconut Creek is known
as the “Butterfly Capital of the World” and has been recognized as home to the world’s largest butterfly habitat. The
environmentally oriented city consists of well-maintained wetlands, woodlands and fields, creating an ideal suburban lifestyle
for its residents and businesses.
DOWNTOWN COCONUT CREEK
In December 2004, the City Commission adopted the MainStreet Design Standards document, which establishes the vision for a
mixed-use, downtown development in the center of the city. The development area, bound by Wiles Road to the north, Lyons Road to
the east, Sample Road to the south and State Road 7 to the west,
is designed to promote the development of a pedestrian oriented, mixed-use community, organized around substantial, centralized
and contiguous recreational open space. When completed, the MainStreet district is planned to contain over one million square
feet of commercial development, 2,700 residential units, 1,300 hotel rooms, 300,000 square feet of community facilities, large
open space, recreational components and 15 acres of conservation land. Below are some of the more notable developments in the
new Downtown district:
• The Promenade at Coconut Creek ( Stanbery Development ) – a newly opened , 23 - acre mixed - use project and the first
project to be constructed within the newly designated Downtown District of the City of Coconut Creek. The complex will
feature approximately 200,000 square feet of upscale retail and 80,000 square feet of Class “A” office space at build-out. The
center, located at the southwest corner of Lyons Road and Wiles Road, is expected to receive LEED certification, designating
it as one of the first major developments in the Southeast U.S. to meet high standards for environmentally-responsible design.
Olivine is located within one mile of the complex.
• The Village at Marbella - A proposed , 19 - acre , mixed - use development located along Sample Road. The proposed
project is to include 297,500 square feet of office and retail, a 150-room hotel and 764 residences.
•The Seminole Tribe has plans to replace its existing Coconut Creek Casino , located just two miles west of
Olivine, with a prowling, hotel-gambling complex far more luxurious than its Hard Rock Hotel & Casino in Hollywood. Initial
plans calls for a 24-story hotel with 1,500 rooms, a spa, parking garages and 150,000 square feet of retail space. The tribe
says the project will create hundreds of construction jobs and employ 5,000 people full time. 19
 AREA OVERVIEW

109,836 by the year 2013, an increase of 7% in only five years.

population is employed in a management, business, sales/office or professional capacity, which reflects an educated and highly skilled work

1 Mile 3 Mile 5 Mile

Radius Radius Radius
2008 Estimated Population 9,158 102,791 356,217
2013 Projected Population 9,671 109,836 371,525
which 29% are renter occupied. One-person households comprise 29% of the total households, while 34% are two-person households.
2008 Estimated Households 4,134 41,766 142,085
or luxury
2013 rental
Projectedproduct in the area
Households 4,239
. 43,686 145,882
Renter Occupied 29.60% 24.50% 29.00%
2008 Estimated Median Age 42.6 40.1 39.9
on on 2008
the Est.
“Kauffman
AverageIndex of Entrepreneurial
HH Income $65,673 Activity$65,943
$69,484 ” in May 2008, an annual study that measures business startup activity across the Uni
2008 Median Property Value $236,845 $258,169 $243,969
he city’s direct access to major transportation networks including Florida’s Turnpike and Sawgrass Expressway, as well as to I- 95, which pr
Source: 2008 Claritas

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 AREA OVERVIEW

Coral Springs Medical Center. The submarket includes the 490-acre Corporate Park of Coral Springs and contains the new Downtown Coral Spri
uare feet of office space. In 2005, Bank Atlantic moved its headquarters to a new 180,000-square-foot facility within Cypress Creek. Other m
market in Broward County. Located 15 minutes south, major employers include Broward County Government and School Board, the Federal Courth
remier employment market boasts in excess of 100 office buildings comprising ten million square feet of office space. The city possesses o
Northwest offers comprehensive, leading-edge treatment for every stage of life from obstetrics to geriatrics. The hospital is located fiv
ffice market is the home of major employers including American Express, DHL and Plantation General Hospital.
cluding Sawgrass International Corporate Park and Sawgrass Technology Park. Major employers in this market include ABN AMRO Mortgage Group

tes north.

s) – 10 minutes north.

immediate area are summarized below:

et and over 120 specialty stores

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 AREA OVERVIEW

sitors each year to the area from the U. S., Latin America, the Caribbean and Europe.
ergie and Salvatore Ferragamo Company Store, in addition to a Grand Lux Café and many other luxury outlets.

y from its southern terminus point (I-595 and I-75) to northwestern Coral Springs where it turns into an east/west expressway traversing pa

and Tennessee.

d softball fields. The park includes Butterfly World, the first and largest butterfly house in the United States. Over 5, 000 butterflies enj

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 AREA OVERVIEW

all the amenities and support facilities necessary to make it a self- sufficient community. The Township community, within Coconut Creek, of

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For More Information :
Rodie Ben - Simon
US : + 1 . 786 . 877 . 0765

Israel : 03 . 901 . 0812

info@ramotproperties . com

www . ramotproperties . com

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