300 Mercury Ave SE - Apartments FOR SALE


Palm Bay, FL 32909
$2,300,000 USD
954-804-2184
300 Mercury Ave SE, Palm Bay, FL for Sale
$2,300,000 USD
Apartments - FOR SALE
1/11
null | Request Cap Rate

300 Mercury Ave SE
Palm Bay, FL 32909


HIGHLIGHTS

  • New roof and fascia in 2026
  • Value-add opportunity, with 14 out of 16 units remain to be improved to higher quality finish and rent levels
  • Excess acreage allows for opportunity to add common area amenities
  • Ease of access to major thoroughfares, less than 5 minutes away from Interstate 95 (I-95) and Malabar Road
  • Minutes away from Health First Hospital, a major medical center that features 120 beds and more than 200 skilled physicians
  • Minutes away from Eastern Florida State College, which is recognized as one of Florida's top state colleges with over 18,000 students

OVERVIEW

Please contact Andrew Green (Andrew.Green@seacrestadvisors.com) to discuss the offering. Mercury Pines is a two-story, single apartment building located in Palm Bay, Florida. The asset was built in 1986 with wood frame & stucco on concrete slab and is situated on approximately two acres. The property consists of sixteen (16) units that are all two bedroom / one bathroom which are +/- 850 square feet each. Mercury Pines is ideally located on the southeast corner of I-95 and Malabar Road and is near several commercial businesses. Additionally, the asset is a few minutes away from Eastern Florida State College and Health First Hospital, providing sustained tenant demand. Mercury Pines offers the new ownership an attractive opportunity to finish improving the remaining units to higher quality finish levels. Current ownership has improved 2 out of the 16 units, leaving the remaining 14 units for the new owner to complete and further push the rental income. Additionally, the property has excess acreage which could be utilized to add common area amenities for the tenants. This leaves the new owner an opportunity to significantly improve the value of Mercury Pines.

FOR SALE DETAILS

PRICE

$2,300,000 USD

PRICE/SF

$160 USD /SF

# OF UNITS

16

PRICE/UNIT

$143,750

CAP RATE

Request Cap Rate

% LEASED

88%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1986

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.02 AC

LAND SF

87,941 SF

ZONING

RM20

APN/PARCEL ID

29-37-03-26-01985.0-0001.00

ASK ABOUT THIS PROPERTY

Andrew GreenSeacrest Advisors LLCMore Info
954-804-2184

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Andrew GreenSeacrest Advisors LLCMore Info
954-804-2184

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.