825 E University Blvd - Apartments FOR SALE


Melbourne, FL 32901- Downtown Melbourne
$6,200,000 USD
561-345-5486
825 E University Blvd, Melbourne, FL for Sale
$6,200,000 USD
Apartments - FOR SALE
1/44
null | 7.84% 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! 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! 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

$6,200,000 USD

PRICE/SF

$174 USD /SF

# OF UNITS

42

PRICE/UNIT

$147,619

CAP RATE

7.84%

% 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.