Strawbridge 8-Plex in Downtown Melbourne

1219 E Strawbridge Ave Melbourne, FL 32901

1219 E Strawbridge Ave, Melbourne, FL, 32901
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FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$1,499,999
Last Verified:
Jan 02, 2024


Description

TBD

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.


Year Built: 1910
Building Size: 5852sq ft
Lot Size: 0.26 acres

Map of 1219 E Strawbridge Ave, Melbourne, FL, 32901

Presented by:
Reach Commercial

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Cassandra Hartford


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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

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