For Sale
$1,850,000

4355 38Th AveVero Beach, FL 32967

6.68 Acres, RM-10 Zoning, Development Ready

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 6.68-acre parcel in Vero Beach, Florida, presents a unique multifamily development opportunity. Currently zoned RM-10, this property offers the potential to construct 79 apartments or 66 townhouses, based on existing approvals. The RM-10 zoning allows for potential rezoning to increase density, paving the way for a larger-scale affordable housing project. Located at 4355 38th Ave, Vero Beach, FL 32967, in Indian River County, this site boasts city water and sewer services, and perimeter asphalt roads are already in place. The property is fully entitled for multifamily use, eliminating significant pre-development hurdles. Preliminary estimates suggest approximately 1,250 square foot homes, with a potential cost of $25,000 per unit. New construction costs are estimated between $96.44 and $143.19 per square foot. This is a rare opportunity, as there are no comparable properties within a one-mile radius featuring townhouses with 3 bedrooms, 1+ bathrooms, and 1200-1600 square feet. The asking price for this prime development land is $1,850,000. This investment presents a significant return potential in a desirable Florida location. The MLS number is H10682368.

Highlights

  • $1.85 million investment opportunity.
  • 6.68-acre lot.
  • RM-10 zoning.
  • Potential for 79 apartments or 66 townhouses.
  • Current zoning allows for 79 units; potential for rezoning to increase density for affordable housing.

Property Details for 4355 38Th Ave

Property type
Land
Lot Size (sq. ft)
290,981 SF

Location Insight

City
Vero Beach
County
Indian River
State
Florida
Latitude
27.672479
Longitude
-80.424687
4355 38Th Ave, Vero Beach, Florida

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4355 38Th Ave
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