| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 60th | Good |
| Amenities | 10th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11600 NW 56th Dr, Coral Springs, FL, 33076, US |
| Region / Metro | Coral Springs |
| Year of Construction | 1999 |
| Units | 120 |
| Transaction Date | 2023-06-14 |
| Transaction Price | $121,000,000 |
| Buyer | WYNDHAM LAKES XIV LLC |
| Seller | FA WYNDHAM LAKE LLC |
11600 NW 56th Dr Coral Springs 120-Unit Multifamily
Neighborhood data point to steady renter demand supported by high household incomes and competitive schools, according to WDSuite’s CRE market data. For investors, the area’s above-median occupancy at the neighborhood level and a high-cost ownership market support lease stability and pricing discipline.
Neighborhood fundamentals and livability
Situated in an inner suburb of Coral Springs (Broward County), the immediate neighborhood shows above the metro median occupancy among 345 Fort Lauderdale–area neighborhoods, according to WDSuite. While not the highest-demand pocket in the metro, sustained occupancy near the metro midpoint suggests durable leasing conditions for well-managed multifamily assets.
School quality is a clear positive: the neighborhood’s average school rating sits in the top quartile nationally, which tends to bolster family-oriented renter demand and retention. Restaurant density is moderate for the suburb, while cafes, groceries, parks, and pharmacies are sparse in the immediate blocks — indicating a more car-oriented living pattern. Investors should expect residents to rely on nearby corridors rather than walkable retail at the doorstep.
Within a 3-mile radius, population and households have expanded over the past five years, with households growing faster than population — a pattern that typically enlarges the tenant base and supports occupancy stability. Projections through 2028 indicate additional population growth and a larger household count, implying continued renter pool expansion. Median household incomes in the 3-mile area are high and rising, which underpins rent collections and reduces affordability pressure relative to many metros.
Ownership costs are elevated for the neighborhood compared with national norms, and value-to-income trends point to a high-cost ownership market. That dynamic generally sustains reliance on rental housing and supports pricing power for competitively positioned properties. According to WDSuite’s multifamily property research, neighborhood-level net operating income per unit benchmarks rank among the stronger cohorts locally, reinforcing the case for professionally operated assets.
Contextual safety overview
WDSuite’s national comparisons place the neighborhood in an above-average safety tier versus neighborhoods nationwide, indicating a generally favorable backdrop for renter households compared with many U.S. areas. At the same time, safety performance can vary by incident type and over time, so underwriting should reflect local trend review rather than block-specific assumptions.
Recent year-over-year signals are mixed: property offense rates show a sharp improvement, while violent offense measures have trended higher in the latest period. Investors should incorporate current, property-level security assessments and consider standard measures (lighting, access control, and resident engagement) to support retention and leasing.
The location draws on a diversified employment base spanning healthcare, retail headquarters, and transportation/logistics, which supports commute convenience and renter retention for workforce and professional households. Nearby employers include Tenet Healthcare, Office Depot, AutoNation, Johnson & Johnson, and Ryder System.
- Tenet Healthcare Corporation, Florida Region — healthcare services (0.4 miles)
- Office Depot — retail HQ & corporate (12.4 miles) — HQ
- AutoNation — automotive retail HQ & corporate (15.0 miles) — HQ
- Johnson & Johnson — healthcare & consumer products offices (27.2 miles)
- Ryder System — transportation & logistics (30.3 miles) — HQ
Long-term investment thesis
Built in 1999, the asset is slightly older than the neighborhood’s average vintage, creating a potential value-add pathway through targeted renovations and systems upgrades to sharpen competitive positioning against newer stock. Neighborhood indicators show above-median occupancy locally and strong school performance, while elevated ownership costs tend to sustain multifamily demand and support lease retention.
Within a 3-mile radius, population and household counts have grown and are projected to continue rising, pointing to a larger tenant base and support for occupancy stability. According to CRE market data from WDSuite, neighborhood net operating income per unit benchmarks test among stronger local cohorts, while rent-to-income trends indicate manageable affordability pressure for the area’s income levels.
- 1999 vintage offers value-add and capital planning opportunities to differentiate versus newer competing assets.
- Above-median neighborhood occupancy and top-quartile school ratings support tenant retention and leasing.
- High-cost ownership market reinforces depth of renter demand and supports pricing discipline.
- Expanding 3-mile population and households point to a growing renter pool and sustained absorption.
- Risks: limited walkable amenities nearby, mixed recent safety trends, and competition from ownership options in affluent submarkets.