300 Mercury AvePalm Bay, FL 32909

Property Details for 300 Mercury Ave

Year built

1986

Construction

WOOD

Lot size

2.01 AC

Property size (Sq ft)

15,248 SF

Zone code

RM20

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

29-37-03-26-01985.0-0001.00

APU

9223372036854775807

Description

This exceptional value-add multifamily investment opportunity presents a 16-unit apartment building situated on a 2.01-acre lot in Palm Bay, Florida. The property, known as Mercury Pines Apartments, is a two-story, single building constructed in 1986 with wood frame and stucco on a concrete foundation. Each of the 16 units offers two bedrooms and one bathroom, spanning 899 square feet. Currently boasting 100% occupancy, the property presents a compelling opportunity to enhance rental income. Two units have already been upgraded to premium finishes, resulting in a 14% rent premium on newly leased units. The remaining 14 units offer significant potential for value enhancement through similar upgrades. The property's strategic location at the southeast corner of I-95 and Malabar Road provides easy access to major thoroughfares, thriving commercial businesses, and other multifamily housing. Its proximity to Health First Hospital and Eastern Florida State College further enhances its appeal. The substantial 2.01-acre lot includes excess land, presenting the possibility of adding desirable common area amenities such as a dog park, gazebos, or playgrounds, to further increase tenant satisfaction and property value. The asking price is $2,750,000, translating to $191.18 per square foot and $171,875 per unit. This property offers a rare chance to capitalize on a strong market and realize significant returns on investment.

• CAP approach

  CAP return

  Valuation

  6%

  $5,196,546

  6.5%

  $4,796,812

  7%

  $4,454,183

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,711,310

  Geo Method

  $3,711,310

• Alternative Use

  Use

  Valuation

  Residential

  $4,796,812

  Hospitality

  $4,393,854

  Educational

  $3,655,635

  Medical

  $3,781,358

  Retail

  $5,686,544

Location Insight

City

Palm Bay

County

Brevard

State

Florida

Latitude

27.9935

Longitude

-80.6178

CBSA code

37340

CBSA name

PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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