1219 E Strawbridge Avenue, Melbourne, FL 32901

$1,500,000
5,852
SqFt
List Price
$1,500,000
MLS#
938072
Status
ACTIVE
Type
Multifamily
Sub Type
5 - 10 Units
County
Brevard
City
Melbourne
Area
Melbourne
Living Area
5,852
Total Square Feet
5,852
Acres
0.26
Year Built
1910

Property Description

IN HISTORIC DOWNTOWN MELBOURNE walking distance to 288 businesses, 39 bars and restaurants. This property is a perfect value add opportunity. Room for rents to be doubled OR units can be flipped to STR where you can create serious ROI. C3 (mixed-use) property is currently comprised of 8 units. Four 2/1's, and Four 1/1. What a great 1031 Exchange Opportunity. 100% occupied. Current proforma (NOI) $70K a year (5% CAP). HOWEVER - If turned into STR (NOI) $192K a year (11.19% CAP). This site sits in a CRA, which allows 100 units per acre, and a height of 8 stories. Potential to build something else on this site in the future.

Additional Information

Style
Efficiency/Studio, Two Story
Hoa
None
Tax Year
2021
Tax Amount
$7,507
Location Description
Sidewalks
Equipment And Appliances
Other
Utilities
City Water
Exterior Finish
Stucco
Construction
Frame - Wood
Roof
Membrane
Floor
Wood
Elementary School
University Park
Middle School
Hoover
High School
Melbourne

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
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Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Curri Kirschner R.E. Group LLC.