100-210 University Blvd, Melbourne, FL 32901
229 Unit Apartment Building | For Sale | Melbourne, FL 32901
For Sale
Active
- Property Type
-
Multifamily
- Square Feet
- 199,280 SF
Listing Contacts
Avery Jordan
Darron Kattan
Mark Savarese
Cary Brown
Property Overview
This property presents an outstanding investment opportunity in a prime location adjacent to Florida Tech University and just minutes from historic downtown Melbourne. With nearly $4.2 million recently invested in capital improvements, the need for immediate expenditures is minimized, allowing investors to focus on future value enhancement. The property boasts a comprehensive range of amenities, including resort-style pools, a summer kitchen, and various recreational areas, which enhance its appeal. There is significant potential to increase rents, as current rates are $363 below market comps, and the option to upgrade units and install washers/dryers offers additional revenue opportunities. This property is offered free and clear of debt encumbrances, providing investors with a clean slate for financial planning and investment growth.
In summary, this property represents a compelling investment opportunity with substantial value-add potential, excellent location benefits, and a strong tenant demand driven by nearby educational and employment centers. It’s an ideal choice for investors seeking a high-growth asset in a dynamic and promising market.
In summary, this property represents a compelling investment opportunity with substantial value-add potential, excellent location benefits, and a strong tenant demand driven by nearby educational and employment centers. It’s an ideal choice for investors seeking a high-growth asset in a dynamic and promising market.
Property Details
- Class
- B
- Year Built
- 1976
- Stories
- 2
- Lot Size (sq. ft)
- 517,493 SF
- Units
- 229
Highlights
- Current Ownership has Spent Nearly $4.2MM in Capital Expenditures Limiting the Need for Future Expenditures from New Ownership
- Ability to Upgrade Classic (62), Partially Upgraded (17) Units and Further Enhance Fully Upgraded Units to Obtain Additional Rent Premiums
- Washer/Dryer Connections in 8 Units & Achieving $40/Month Premium. Ability to Retrofit Remaining 221 Units w/ Connections/ Appliances for Add'l Upside
- The Property is Currently $363 per Unit Below the Leading Market Comp Signaling the Ability to Increase Rents
- Diverse Mix of One, Two and Three-Bedroom Units Featuring Modern, Functional Floorplan Layouts
- Offered Free and Clear of Debt Encumbrances
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