4400 Dixie Hwy - Apartments FOR SALE


Palm Bay, FL 32905
$4,950,000 USD
321-252-9090
4400 Dixie Hwy, Palm Bay, FL for Sale
$4,950,000 USD
Apartments - FOR SALE
1/23
null | Request Cap Rate

4400 Dixie Hwy
Palm Bay, FL 32905


HIGHLIGHTS

  • 6.36 acre Waterfront Campus, with 2 Buildings totaling 39,234 SF
  • Permitted uses include corporate or medical offices, hotels and motels, retail, and high-density multifamily
  • Existing site plan for potential multifamily development
  • 850 +/- feet of waterfront, 530 feet of frontage along US-1
  • 30,000+ Vehicles Per Day
  • Palm Bay was the #1 destination in the country for Uhaul moves in 2023

OVERVIEW

6.36 acre waterfront campus with two buildings totaling 39,234 SF. Located in Palm Bay, Florida, with 850 +/- feet of waterfront to the west and north (505 ft +/- deeded), and 530 feet of frontage along US Hwy 1 (Dixie Hwy). Easy access and egress, with two entrances, and two separate parking lots. Zoned Bayfront Mixed-Use (BMU) which permits corporate or medical offices, hotels and motels, retail, and high-density multifamily (up to 40 residential units per acre, provided the development also includes a commercial component of at least 20%). The main 29,617 SF building was recently renovated to include 70% office space, with 30% remaining a shell. The 2nd 9257 SF building is a shell, and maintained as a storage space. The city's vision of the area is to create a destination recognized as a pedestrian-friendly, mixed use community with a Mainstreet Village character capitalizing on its waterfront location that boasts improved narrow streets, pedestrian pathways and US 1 crosswalks leading to public spaces including waterfront parks, attractive views, and a waterfront theme. River's Edge is located in the “Bayfront Village” section of the Bayfront Community Redevelopment District. US 1/Dixie Highway is the primary north/south roadway. US Highway 1 parallels the Indian River, and the Florida East Coast (FEC) main line railroad tracks. US Highway 1 in this area of Palm Bay is an older, well established mixed-use area with river view homes and older established commercial/office uses. The Palm Bay Marina is located to the north of Turkey Creek which was recently purchased from the City of Palm Bay. The subject is located on the south of Turkey Creek and just west of US Highway 1. The bridge is a fixed span bridge with vertical clearance estimated at 15 feet. There is a pedestrian walkway connects the Castaway Point area to the marina use on the north side of Turkey Creek. Palm Bay (north) and Port Malabar Boulevard (South) are the primary east/west roadways. Palm Bay at the US Highway 1 intersection is a two lane roadway through the historic area of Palm Bay. Palm Bay Road, based on the redevelopment plan is intended to be improved and become more of a destination corridor. Port Malabar Boulevard is a four lane residential collector. The “District” vision focuses efforts toward re-establishing the Bayfront as a village center. The primary focus of this area is commercial development with a waterfront theme. The current future land use designation and zoning support development of a mixture of separately classified properties. Recent projects include a state of the art riverfront assisted living facility, and Aqua, a 24 acre apartment complex and commercial development on Conlan Boulevard. Planned developments include a 12 acre, 370 unit multifamily project less than 1/2 mile to the south. Link to the property video - https://youtu.be/lWOsjbhTmoQ

FOR SALE DETAILS

PRICE

$4,950,000 USD

PRICE/SF

$126 USD /SF

# OF UNITS

250

PRICE/UNIT

$19,800

CAP RATE

Request Cap Rate

% LEASED

-

STATUS

Proposed

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

River's Edge

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

6.36 AC

LAND SF

277,042 SF

ZONING

BMU

APN/PARCEL ID

28-37-24-29-00000.0-0006.00

ASK ABOUT THIS PROPERTY

James FlintSperry - Flint Brokers & AssociatesMore Info
321-252-9090

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James FlintSperry - Flint Brokers & AssociatesMore Info
321-252-9090

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