825 E University Blvd - Apartments FOR SALE


Melbourne, FL 32901- Downtown Melbourne
$5,750,000 USD
561-345-5486
825 E University Blvd, Melbourne, FL for Sale
$5,750,000 USD
Apartments - FOR SALE
1/48
null | 7.31% Cap Rate

825 E University Blvd
Melbourne, FL 32901
Downtown Melbourne


HIGHLIGHTS

  • Ideally located; Walking distance from FIT, less then 10 minutes from Melbourne Square Mall and Downtown Melbourne
  • Concrete/Masonary Construction making it very durable against Hurricanes and Tenant damage.
  • Laundry list of CapEx Spent nearing $1,000,000 between current owner and new owner.
  • Desired Unit Mixes of 42 2beds/1bath townhome style apartments
  • Major Employers and retailers all around such as Home Depot, Lowes, Walmart, Target, WaWa, Dillards, Chase Bank and ETC!

OVERVIEW

*DO NOT DISTURB TENANTS!!!!* Your welcomed to drive by, but do not disturb or talk to any tenants! *MAJOR PRICE REDUCTION* - AMAZING OPPROTUNITY! Don't miss out on acquiring a VERY RARE! 42 Unit Complex in the rapidly growing Melbourne/Palm Bay Florida! IDEALLY LOCATED! Walking distance from FIT! Less than 10 minutes away from MAJOR retailers/convenience stores and employers such as Home Depot, Lowes, Walmart, Target, Dillard's, Barnes N Noble, La Fitness, Crunch, Chase Bank and many more! Less than 10 minutes away from downtown Melbourne and the Melbourne Square Mall! NEARLY $1,000,000.00 IN CAPEX SPENT!! Which includes but not limited to, Many New Breaker panels, Many New Water Heaters, many new HVAC Systems, Exterior Repaint, New Windows and Doors, Vinyl/Laminated/Tile floorings, Many Bathroom Remodels, Many Kitchen Remodels, And plumbing work! CONCRETE/MASONERY CONSTRUCTION. Making the buildings extremely durable and resistance to Hurricane wind damage and tenant damage! With minimum trees making the property ideal for easy Maintenace! *CONCRETE ROOF* Current owner has been rented the units out for $1,300 a door but has achieved $1,350-$1,400 in rents, which is one of the most affordable rents in the immediate proximity of the property and zip code. Section 8 has approved $1,400 in Rent increase! Property has separate electric/gas meters! With two Master meter for water.!! **NO SELLER FINANCE OR CREATIVE FINANCE** ONLY Serious offers from serious buyer! Don't miss the opportunity to acquire a 42-unit cash cow asset!

FOR SALE DETAILS

PRICE

$5,750,000 USD

PRICE/SF

$161 USD /SF

# OF UNITS

42

PRICE/UNIT

$136,905

CAP RATE

7.31%

% LEASED

98%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Jasmine Cove

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1964

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.08 AC

LAND SF

90,605 SF

ZONING

R2

APN/PARCEL ID

28-37-10-79-00001.0-0000.00

ASK ABOUT THIS PROPERTY

Cesar AlvarezAlvarez Estates LLCMore Info
561-345-5486

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Cesar AlvarezAlvarez Estates LLCMore Info
561-345-5486

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