7 Unit Value Add Multifamily Melbourne! – FL 32901 Sold

  • $555,000
  • 5 beds
  • 7 baths
  • 3,279 sqft

Property Description:

Lots of Value Add potential in this multifamily! Owner is currently living in the main 2-bedroom /1-bath, 1232 sf unit which is fully renovated. Two efficiencies (approx. 265 sf each) are located on the side of the main building and four 1-bedroom / 1-bath apartments (each approx. 470 & 550 sf) can be found behind facing Glendon Dr. Currently fully rented month to month (No written leases per owner), but with rents way under market value. To add the greatest value and get maximum rents, you’ll want to update and separate the electrical meters as well as replace 3 panels, repair various spots of wood rot, replace 3 window AC units, update all 6 units (4 full, 2 minimal), and replace appliances.  2012 Metal roof and storm shutters.  Per owner, cast iron pipes have been replaced with PVC.  City Water & Sewer.  Shared coin operated washer on site. We’re estimating $7700 in gross rents for a 11% CAP rate; $950 X 2 efficiencies, $1100 X 4 – 1/1s, and $1400 for the main unit. You could also rent the main unit for more as a short-term rental or travel nurse housing as it is less than a 5 minute drive to the hospital, grocery store, airport and many more points of convenience.

Showing appointment for serious buyers only!

Has been inspected by professional inspector, and will be provided to serious cash buyer.  Quote to install meters and bring electrical up to code is $16,000.

Cash or Private money ONLY.

This is an assignable contract. Price includes assignment fee. Properties are sold AS-IS with NO inspection period. Non-refundable earnest money deposit $7000 due with signed contract. Buyer to pay all closing costs.  Please do your own due diligence!

Close by January 20, 2023.  Owner has a post-closing occupancy agreement until April 30, 2023, but states she may leave earlier.

Price:
$555,000
Address:
W Seminole Ave
Melbourne, FL 32901
Square Feet:
3,279
Lot Size:
0.19 Acres
Bedrooms:
5
Bathrooms:
7
Terms:
For Sale
Property Type:
Multi-family
Year Built:
1964
Const. Type:
Block and Wood

Call (321) 379-5777 for more details

Property Location