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Multifamily

Briarstone Apartments

3034 Lipscomb St, Melbourne, FL 32901

Listing Price: $1,650,000

Cap Rate
7.13%
Number of Units
14
Price/Unit
$117,857
Price/Gross SF
$125.38
Gross SF
13,160

Investment Overview

14-unit project-based Section 8 multifamily community

Investment Highlights

  • Active HAP contract with approximately 15 years remaining
  • Strong and consistent historical collections of over 97% for the last 12 months
  • Estimated annual rent increases of $20-30 per unit, per month
  • Situated less than one mile from US Highway 1 which sees 34,500 cars daily
  • Located 1.2 miles from Florida Institute of Technology
  • Well located in a rapidly growing submarket within Florida's Space Coast; home of SpaceX, Blue Origin and NASA's Kennedy Space Center
  • On-Site Laundry Facility
  • Concrete Block Construction

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Multifamily

Briarstone Apartments

Listing Price: $1,650,000

Cap Rate
7.13%
Number of Units
14
Price/Unit
$117,857
Price/Gross SF
$125.38
Gross SF
13,160

Investment Highlights

  • Active HAP contract with approximately 15 years remaining
  • Strong and consistent historical collections of over 97% for the last 12 months
  • Estimated annual rent increases of $20-30 per unit, per month
  • Situated less than one mile from US Highway 1 which sees 34,500 cars daily
  • Located 1.2 miles from Florida Institute of Technology
  • Well located in a rapidly growing submarket within Florida's Space Coast; home of SpaceX, Blue Origin and NASA's Kennedy Space Center
  • On-Site Laundry Facility
  • Concrete Block Construction

Investment Overview

14-unit project-based Section 8 multifamily community

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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