Multi-Family
35 Unit Palm Bay Multi-Family Development
1853 Wabun St NE, Palm Bay, FL 32905
Listing Price: $1,750,000
Investment Overview
Marcus & Millichap is pleased to present this prime multi-family development
opportunity in Palm Bay, FL. The site is ideally located directly off US-1, providing quick access to all that Palm Bay has to offer. All 35-Units have frontage of Indian River Lagoon with over-sized windows and large balconies. The property will be delivered with an approved site-plan and utilities in place, making it an ideal development opportunity of a premium community.
Palm Bay, FL is a rapidly growing market with a population of about 145,800, median household income of $67,500, and strong demand for upscale housing driven by the Space Coast’s booming tech sector, where jobs grew 41.6% in 2025 and averagee salaries exceed $100K. Luxury apartment rents range from $1,500 to $2,200, with waterfront units commanding $2,400–$3,000+, supported by nearby developments. Major employers include L3Harris, Terran Orbital, and ISO Group, while multiple new projects signal strong absorption and growth potential for high-end multifamily.
35 Unit Palm Bay Multi-Family Development
Investment Highlights
- FRONTAGE ON INTERCOASTAL WATERWAY (INDIAN RIVER LAGOON)
- ENTITLEMENTS FOR 35-UNITS, 65 PARKING SPOTS, RESORT STYLE POOL, AND MORE!
- AVERAGE UNIT SIZE OF 1,149 SF; ALL 35-UNITS DESIGNED WITH WATERFRONT VIEWS, OVERSIZED WINDOWS, AND LARGE BALCONIES!
- LOCATED DIRECTLY OFF US-1, PROVIDING EASY ACCESS TO AND FROM PROPERTY
- 10, ONE-BEDROOM UNITS; 20, TWO-BEDROOM UNITS; 5, THREE-BEDROOM UNITS
Exclusively Listed By
Listing Price: $1,750,000
Investment Highlights
- FRONTAGE ON INTERCOASTAL WATERWAY (INDIAN RIVER LAGOON)
- ENTITLEMENTS FOR 35-UNITS, 65 PARKING SPOTS, RESORT STYLE POOL, AND MORE!
- AVERAGE UNIT SIZE OF 1,149 SF; ALL 35-UNITS DESIGNED WITH WATERFRONT VIEWS, OVERSIZED WINDOWS, AND LARGE BALCONIES!
- LOCATED DIRECTLY OFF US-1, PROVIDING EASY ACCESS TO AND FROM PROPERTY
- 10, ONE-BEDROOM UNITS; 20, TWO-BEDROOM UNITS; 5, THREE-BEDROOM UNITS
Investment Overview
Marcus & Millichap is pleased to present this prime multi-family development opportunity in Palm Bay, FL. The site is ideally located directly off US-1, providing quick access to all that Palm Bay has to offer. All 35-Units have frontage of Indian River Lagoon with over-sized windows and large balconies. The property will be delivered with an approved site-plan and utilities in place, making it an ideal development opportunity of a premium community. Palm Bay, FL is a rapidly growing market with a population of about 145,800, median household income of $67,500, and strong demand for upscale housing driven by the Space Coast’s booming tech sector, where jobs grew 41.6% in 2025 and averagee salaries exceed $100K. Luxury apartment rents range from $1,500 to $2,200, with waterfront units commanding $2,400–$3,000+, supported by nearby developments. Major employers include L3Harris, Terran Orbital, and ISO Group, while multiple new projects signal strong absorption and growth potential for high-end multifamily.
Exclusively Listed By
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