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825 University BlvdMelbourne, FL 32901

42-Unit Multifamily Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
114
Jasmine Cove, located at 825 E University Blvd, Melbourne, FL 32901, is a 42-unit apartment building constructed in 1964. This multifamily property presents a compelling value-add investment opportunity. The property consists entirely of two-bedroom, one-bathroom townhome-style units, offering a favorable and consistent unit mix. Significant capital expenditures exceeding $1,000,000 have been completed since 2020, enhancing the property's condition and appeal. A substantial rental upside potential of $200 or more per unit exists based on comparable properties in the area. Jasmine Cove benefits from its prime location, just minutes away from Melbourne Beach, Downtown Melbourne, Florida Institute of Technology, and major employment centers, ensuring strong tenant demand. While additional capital expenditure opportunities are available, the most significant potential for value enhancement lies in operational improvements. This property offers investors a chance to capitalize on both immediate rental increases and long-term operational efficiencies in a highly desirable location.

Highlights

  • 100% two-bedroom, one-bathroom, two-story townhome units.
  • All units are two-bedroom, one-bathroom townhome-style floorplans.
  • Significant rental upside potential exceeding $200 per unit based on comparable properties.
  • Over $1,000,000 in capital improvements completed since 2020.
  • Prime location near Melbourne Beach, Downtown Melbourne, Florida Institute of Technology, and major employers.
  • Exceptional value-add opportunity with minimal immediate capital expenditure needs; operational improvements offer the greatest potential.

Property Details for 825 University Blvd

Property type
Apartment buildings
Year Built
1964
Units
42

Location Insight

City
Melbourne
County
Brevard
State
Florida
Latitude
28.063697052212
Longitude
-80.605933373875
825 University Blvd, Melbourne, Florida

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825 University Blvd
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