825 E University Blvd - Apartments FOR SALE


Melbourne, FL 32901- Downtown Melbourne
$5,750,000 USD
813-387-4754
825 E University Blvd, Melbourne, FL for Sale
$5,750,000 USD
Apartments - FOR SALE
1/16
null | 7.87% Cap Rate

825 E University Blvd
Melbourne, FL 32901
Downtown Melbourne


OVERVIEW

42 Unit, townhome property located in Melbourne, FL (Space Coast). Renovations: The property has undergone significant upgrades including but not limited to 60% of the units having been fully renovated, 60% of the units having been completely repiped, all electrical wiring and panels replaced, all windows and doors replaced and 85% of the HVACs replaced in the last five years. Unit Mix: Attractive unit mix of all two-bedroom townhome units with 900 square feet. Proven Upside: Renovated units at Jasmine are commanding a $150 unit premium with a defendable pathway to an additional $145 increase within the next two years. Property Location: Jasmine is situated just minutes from multiple primary, secondary, and higher education schools including the Florida Institute of Technology which is just one mile away. Entertainment and Employment: Jasmine is located within a short drive to multiple malls, shopping centers, hospitals, golf courses and Melbourne Orlando International Airport. Explosive Growth: Brevard County has the highest growth rate amongst 100 midsized communities across the country measured by GDP (Kenan Institute of Private Enterprise). Diverse Job Sectors: Brevard County has significant job diversification across multiple sectors, insulating the economy from any downturn of a particular sector. Space Race 2.0: Looking ahead, SpaceX seeks FAA approval to boost annual Falcon rocket launches to 120 launches a year with the company bringing the mighty Starship to the Space Coast, generating at least $1.8 billion in estimated capital investment and 600 new full-time jobs by 2030. Tech & High-Tech Job Growth: High-tech industries (aerospace, defense, manufacturing and software) have seen 41.6% employment growth over a five-year span, ranking among the fastest in the U.S. in the past decade (Space Coast Daily)

FOR SALE DETAILS

PRICE

$5,750,000 USD

PRICE/SF

$152 USD /SF

# OF UNITS

42

PRICE/UNIT

$136,905

CAP RATE

7.87%

% LEASED

93%

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

86

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

Jason HagueMarcus & MillichapMore Info
813-387-4754

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Jason HagueMarcus & MillichapMore Info
813-387-4754

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