1838 Pineapple Ave - Apartments FOR SALE


Melbourne, FL 32935
$1,790,000 USD
321-831-2454
1838 Pineapple Ave, Melbourne, FL for Sale
$1,790,000 USD
Apartments - FOR SALE
1/42
null | 7.54% Cap Rate

1838 Pineapple Ave
Melbourne, FL 32935


HIGHLIGHTS

  • Great unit mix
  • Walkable to Eau Gallie Arts disctrict
  • 5 original units left with upside

OVERVIEW

This is a rare opportunity to own 11 units in the sought-after Eau Gallie Arts District at the Libbyan Apartments.Built in 1925/1964, this historic property has been completely renovated, preserving its old-world charm while modernizing its amenities.Six of the 11 units have been fully updated, offering an excellent opportunity for a new owner to renovate the remaining five units and increase rents. The property requires minimal maintenance, featuring artificial grass throughout the grounds.The unit mix is highly attractive, consisting of six one-bedroom, one-bath units,two studios, and three two-bedroom, one-bath units.Currently, the property generates a gross income of $170,460, with one unit vacant. Significant upgrades have already been completed to the property (see list). This is your chance to capitalize on a unique investment in a vibrant, up-and-coming area. Don’t miss out on owning a fantastic asset with both historical significance and modern comforts.

FOR SALE DETAILS

PRICE

$1,790,000 USD

PRICE/SF

$215 USD /SF

# OF UNITS

11

PRICE/UNIT

$162,727

CAP RATE

7.54%

% LEASED

82%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Libbyan apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1925

PARKING SPACES

14

LAND DETAILS

LAND ACRES

0.4 AC

LAND SF

17,424 SF

ZONING

C-1

APN/PARCEL ID

27-37-16-25-00008.0-0015.00

ASK ABOUT THIS PROPERTY

Olliver Rodeblad LoweDavid Curri Real Estate GroupMore Info
321-831-2454

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Olliver Rodeblad LoweDavid Curri Real Estate GroupMore Info
321-831-2454

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.