1838 Pineapple AveMelbourne, FL 32935

Property Details for 1838 Pineapple Ave

Year built

1925

Lot size

0.40 AC

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 11-unit apartment building presents a compelling value-add investment opportunity in Melbourne, Florida's desirable Eau Gallie Arts District. Located at 1838 Pineapple Ave, 32935, this property boasts a blend of historic charm and modern upgrades. The two-building complex, constructed in 1925 and 1964, underwent a complete renovation in 2024, preserving its character while enhancing its appeal. The property features a mix of six one-bedroom/one-bath units, two studios, and three two-bedroom/one-bath units, spread across two two-story buildings on a 0.4-acre lot. Currently operating at 91% occupancy, generating a Net Operating Income (NOI) of $149,390 and a 7.90% cap rate, this property offers significant upside potential. The asking price is $1,890,000, or $171,818.18 per unit. Six units have been fully updated, while five offer a chance to increase revenue through further renovations. The property includes 14 parking spaces and benefits from low-maintenance landscaping featuring artificial grass. The C-1 zoning provides flexibility for future development. This is a rare chance to acquire a stabilized, value-add multifamily property in a thriving arts district, combining historical significance with modern amenities and strong financial performance. The property's current gross income is $170,460.

Location Insight

City

Melbourne

County

Brevard

State

Florida

Latitude

28.1369

Longitude

-80.6298

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