Federal Highway and Cove Road, Stuart, FL, 34997

Federal Highway and Cove Road Stuart, FL 34997

FOR SALE
Property Type:
Multifamily Land
Amount:
$1,800,000
Last Verified:
Apr 14, 2020

Highlights

  • Motivated seller
  • Rare high-density residential zoning (RM-10)
  • Located along highly visible US 1: 33,500 AADT
  • Excellent Ingress and Egress via Hydrangea St
  • Surrounding retailers include Publix, Starbucks, McDonalds, Walgreens, and WaWa

Description

Located on the Eastern side of US 1 (AADT 33,500) between Salerno and Cove Rd. Near Indian River State College, Cleveland Clinic South, Publix anchored Cove Shopping Center, and retailers including Starbucks, McDonalds, Walgreens, and under construction WaWa and Circle K gas stations.
Rare opportunity to purchase one of the last large undeveloped parcels of multifamily development land in fast-growing and desirable Martin County Florida. Apartment demand is strong in the area, occupancy is around 98% and rents have pushed up into the $1.25-$1.50 per SF range, with room to grow.
RM-10 zoning allows for the development of 88 market-rate units (10 UPA) or 132 affordable rate units (15 UPA). NAI Southcoast has met recently with the county and they are encouraging residential development. Nik Schroth and Reid Armor can assist a Buyer in coordinating meetings with the county and with guidance through the approval process.

Federal Highway and Cove Road

Lot Size: 8.81 acres

Map of Federal Highway and Cove Road, Stuart, FL, 34997

Presented by:

Request additional information


Send a message
Share this Listing

Not Interested In This Property? TheBrokerList.com Can Help
Looking for an office, retail space, warehouse or anything else?
Contact a Licensed Member Today

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:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.