Description
11 Units in a Prime Location! New Roof & Windows! Multi-unit complex perfectly situated in the heart of town, surrounded by major employers, stunning beaches, the Melbourne Mall, and the airport. The offering includes three properties at 89, 87, and 85 NW Irwin Avenue, consisting of: 8-unit apartment building (each 1 bed/1 bath) Duplex (each 2 bed/1 bath) Single-family home (3 bed/2 bath) Currently generating $15,350 in monthly rental income, with the opportunity to increase to $17,000 monthly as 9 of the 11 tenants are on month-to-month leases. With rents optimized, this property could yield an impressive $204,000 in annual income, equating to a gross cap rate of approximately 11.03%! Now offered at $1,850,000, this property is not just a solid investment but a strategic opportunity to add value in a high-demand market. Don't miss out! Properties like this, with location, potential, and value, don't stay available for long.
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8BEDS
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0.58ACRES
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8BATHS
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01/2 BATHS
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7,728SQFT
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$239$/SQFT
School Information
Description
11 Units in a Prime Location! New Roof & Windows! Multi-unit complex perfectly situated in the heart of town, surrounded by major employers, stunning beaches, the Melbourne Mall, and the airport. The offering includes three properties at 89, 87, and 85 NW Irwin Avenue, consisting of: 8-unit apartment building (each 1 bed/1 bath) Duplex (each 2 bed/1 bath) Single-family home (3 bed/2 bath) Currently generating $15,350 in monthly rental income, with the opportunity to increase to $17,000 monthly as 9 of the 11 tenants are on month-to-month leases. With rents optimized, this property could yield an impressive $204,000 in annual income, equating to a gross cap rate of approximately 11.03%! Now offered at $1,850,000, this property is not just a solid investment but a strategic opportunity to add value in a high-demand market. Don't miss out! Properties like this, with location, potential, and value, don't stay available for long.
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