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Multifamily

Magnolia Apartments

108 W Fee Ave, Melbourne, FL 32901

Listing Price: $4,000,000

Cap Rate
5.77%
Number of Units
40
Price/Unit
$100,000
Price/Gross SF
$197.47
Gross SF
20,256

Investment Overview

40-unit multifamily community in Melbourne, Florida (Space Coast) Improvements include vinyl plank flooring, new cabinets, new appliances, renovated bathrooms, new plumbing, new split A/C’s in the one-bedroom units, new impact windows in several of the units and a majority of the water heaters have been replaced within the last two years Centrally located within the city of Melbourne; Situated less than two miles from Melbourne Square Mall, Holmes Regional Medical Center, Kindred Hospital Melbourne, Florida Institute of Technology, multiple retail centers, Melbourne/Orlando International Airport, Melbourne High School and Downtown Melbourne

Investment Highlights

  • Subject property has received considerable interior and exterior capital improvements over the last two years
  • Immediate upside of up to $140 on average per unit with minimal capital improvements needed
  • Over 21% projected leveraged 10 year IRR
  • Concrete block construction
  • On-site laundry facility
  • Brevard County is home to SpaceX, Blue Origin and NASA's Kennedy Space Center

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Listing Price: $4,000,000

Cap Rate
5.77%
Number of Units
40
Price/Unit
$100,000
Price/Gross SF
$197.47
Gross SF
20,256

Investment Highlights

  • Subject property has received considerable interior and exterior capital improvements over the last two years
  • Immediate upside of up to $140 on average per unit with minimal capital improvements needed
  • Over 21% projected leveraged 10 year IRR
  • Concrete block construction
  • On-site laundry facility
  • Brevard County is home to SpaceX, Blue Origin and NASA's Kennedy Space Center

Investment Overview

40-unit multifamily community in Melbourne, Florida (Space Coast) Improvements include vinyl plank flooring, new cabinets, new appliances, renovated bathrooms, new plumbing, new split A/C’s in the one-bedroom units, new impact windows in several of the units and a majority of the water heaters have been replaced within the last two years Centrally located within the city of Melbourne; Situated less than two miles from Melbourne Square Mall, Holmes Regional Medical Center, Kindred Hospital Melbourne, Florida Institute of Technology, multiple retail centers, Melbourne/Orlando International Airport, Melbourne High School and Downtown Melbourne

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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