Palm Point Apartments
98 Unit Apartment Building | $12,995,000 ($132,602/Unit) | 5.45% Cap Rate | Palm Bay, FL 32905
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $12,995,000
- Property Type
-
Multifamily
- Square Feet
- 53,568 SF
Listing Contacts
Daniel Cunningham
Verified Profile
River Rhoads
Verified Profile
Evan Richardson
Verified Profile
Dillon Majeski
Verified Profile
Jason Nowik
Verified Profile
- Property Info
Property Overview
Marcus & Millichap, as exclusive listing agent, is proud to present to market the Palm Point Apartments located at 1640 & 1700 Bottlebrush Dr, Palm Bay which is in Brevard County, Florida. The property consists of 29 studio units, 48 one- bedroom / one- bathroom units, and 20 two- bedroom / one- bathroom units.
The Palm Point Apartments is comprised of 13 buildings over two contiguous parcels (28-37-22-00-00014.0-0000.00, 28-37-22-00-00016.0-0000.00) totaling 4.93 acres. 50 units are located at 1640 Bottlebrush and the other 48 units are located at 1700 Bottlebrush Dr. Both properties were built with cardinal construction with majority containing PTAC air conditioning units. They were constructed in 1977 & 1978 with PVC piping and copper wiring.
Located on the north side of Palm Bay Road, the asset sits between South Babcock Street and Dixie Highway which contains all of the area’s well-known retail and restaurants. The property also has fantastic proximity to Interstate 95, as well as the Melbourne Orlando International Airport.
The Palm Point Apartments offers tremendous upside by increasing rents to market rates through the utilization of on-site management in the vastly growing Brevard County market. Direct comparable nearby cardinal construction properties are achieving 19% higher rates.
The Palm Point Apartments is comprised of 13 buildings over two contiguous parcels (28-37-22-00-00014.0-0000.00, 28-37-22-00-00016.0-0000.00) totaling 4.93 acres. 50 units are located at 1640 Bottlebrush and the other 48 units are located at 1700 Bottlebrush Dr. Both properties were built with cardinal construction with majority containing PTAC air conditioning units. They were constructed in 1977 & 1978 with PVC piping and copper wiring.
Located on the north side of Palm Bay Road, the asset sits between South Babcock Street and Dixie Highway which contains all of the area’s well-known retail and restaurants. The property also has fantastic proximity to Interstate 95, as well as the Melbourne Orlando International Airport.
The Palm Point Apartments offers tremendous upside by increasing rents to market rates through the utilization of on-site management in the vastly growing Brevard County market. Direct comparable nearby cardinal construction properties are achieving 19% higher rates.
Property Details
- Class
- C
- Year Built/Renovated
- 1977/2001
- Stories
- 1
- Lot Size (sq. ft)
- 214,751 SF
- Units
- 98
Highlights
- Excellent Unit Mix Consisting of Studios, One- and Two-Bedroom Units
- 19% Upside Through Increasing Monthly Rents To Market Rate
- Large Laundry Room On-Site
- Close Proximity to Melbourne Orlando International Airport
- 1977 & 1978 Construction With PVC Piping and Copper Wiring
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].