7.25% In-Place Cap Rate: Offered at $5,800,000 ($113,725/unit; $129.88/SF), a 7.25% cap rate on August 2026 trailing actuals, with all revenue units occupied. Large, Diverse Townhome Floor Plans: Floor plans range from 465 SF studios to 1,130 SF three-bedroom/2.5-bath townhomes, and 40 of 51 units are two-story townhouse layouts averaging 876 SF. Two- and three-bedroom units make up two-thirds of the mix, and only one property in the rent comp set offers a three-bedroom plan. In-Place Rents Well Below the Comp Set: Current rents average $1,149 ($1.31/SF), versus comp-set averages of $1.96/SF for one-bedrooms and $1.69/SF for two-bedrooms. Renovated two-bedroom townhomes lease at $1,255, while comparable two-bedrooms command $1,500 - $1,650. Renovation Program 82% Complete: 42 of 51 units are already renovated, leaving 9 interiors plus common-area work on a $202,000 total budget ($3,961/unit). Copper wiring and CPVC plumbing are already in place. Utility Reimbursement Opportunity: Ownership currently pays roughly $44,900 per year (~$880/unit) for water, sewer, and trash. A bill-back adds $25,000 of income and is consistent with nearby comps. Short- and Long-Term Growth Drivers: Population within 10 miles is projected to grow 7.6% by 2030, to 232,465. Brevard County ranks #21 nationally for job growth and #24 for tech-sector growth (Milken Institute, 2025), and the pipeline includes the $87M Eastern Florida State College Cocoa campus expansion and the 3.0M SF Space Coast Innovation Park. Proximity to the Commercial Space Industry: The property is 12.1 miles from Kennedy Space Center and near Exploration Park, home to Blue Origin’s rocket factory and Airbus OneWeb’s satellite plant. Florida’s Space Coast hosted a record-shattering 109 orbital rocket launches during 2025, which drives demand for workforce housing (Yahoo). Access to Brevard’s Defense Corridor: Its central Brevard location puts the property within commuting range of Patrick Space Force Base and Melbourne’s defense cluster, anchored by L3Harris, the largest private employer on the Space Coast. Northrop Grumman’s Melbourne campus received approval for an expansion to accommodate 1,900 new employees on the B-21 Raider program. (Spacecoastdefensejobs)