Multifamily
Rockledge Villas
1525 S Fiske Blvd, Rockledge, FL 32955
Listing Price: $11,950,000
Cap Rate
6.80%
Number of Units
95
GRM
7.83
Price/Unit
$125,789
Investment Overview
A 95-unit multifamily community located in Rockledge, Florida.
Rockledge Villas
Investment Highlights
- True Value-Add: With a 26% mark-to-market spread in-place rents of $1,339 sit 26% below the $1,688 pro-forma, roughly $398,000 in annualized revenue after units have been renovated
- Untapped Utility Recapture: Ownership pays $115,495 in water, sewer, and trash while billing residents nothing; RUBS or a flat monthly fee at 65% recovery adds $75,072 annually and matches what every
- Immediate Operational Efficiencies: Payroll runs $2,293 per unit, but with a professionally managed platform it reduces controllable expenses by $123,000
- 77.6% Potential NOI Growth: Net operating income is projected to grow from $725,275 trailing to $1,288,164 by Year Two through the implementation of the cap-ex program, pushing rents and recapturing utilities
- Golf Course Frontage: The western property line abuts the Rockledge Country Club course, giving a material share of units a permanent, protected open-space view no competitor can replicate
- Household Income: Average household income within five miles is $98,262, and the asset fronts South Fiske Boulevard at 27,500 vehicles per day
- Major Employers: Located Twenty-five minutes for SpaceX, Blue Origin, Airbus OneWeb, Boeing and Lockheed Martin
- Location: Brevard County exceeds 616,000 residents and ranks #21 nationally for job growth and #24 for fastest-growing tech sector (Milken Institute, 2025)
Exclusively Listed By
Financing By
Listing Price: $11,950,000
Cap Rate
6.80%
Number of Units
95
GRM
7.83
Price/Unit
$125,789
Investment Highlights
- True Value-Add: With a 26% mark-to-market spread in-place rents of $1,339 sit 26% below the $1,688 pro-forma, roughly $398,000 in annualized revenue after units have been renovated
- Untapped Utility Recapture: Ownership pays $115,495 in water, sewer, and trash while billing residents nothing; RUBS or a flat monthly fee at 65% recovery adds $75,072 annually and matches what every
- Immediate Operational Efficiencies: Payroll runs $2,293 per unit, but with a professionally managed platform it reduces controllable expenses by $123,000
- 77.6% Potential NOI Growth: Net operating income is projected to grow from $725,275 trailing to $1,288,164 by Year Two through the implementation of the cap-ex program, pushing rents and recapturing utilities
- Golf Course Frontage: The western property line abuts the Rockledge Country Club course, giving a material share of units a permanent, protected open-space view no competitor can replicate
- Household Income: Average household income within five miles is $98,262, and the asset fronts South Fiske Boulevard at 27,500 vehicles per day
- Major Employers: Located Twenty-five minutes for SpaceX, Blue Origin, Airbus OneWeb, Boeing and Lockheed Martin
- Location: Brevard County exceeds 616,000 residents and ranks #21 nationally for job growth and #24 for fastest-growing tech sector (Milken Institute, 2025)
Investment Overview
A 95-unit multifamily community located in Rockledge, Florida.
Exclusively Listed By
Financing By
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