201 Pierce AveCape Canaveral, FL 32920

Property Details for 201 Pierce Ave

Year built

1962

Property type

Land

Property subtype

Apartment buildings

Description

This exceptional investment opportunity presents a three-unit apartment building situated on a substantial 37,897.2 square foot lot at 201 Pierce Avenue, Cape Canaveral, Florida, 32920. Built in 1962, this single-story property offers immediate cash flow potential with currently rented units. The property's location in Cape Canaveral provides proximity to beaches and benefits from a market that is friendly to short-term rentals. Financial records indicate a current gross income of $177,600.00, with a market rate proforma gross income projected at $228,200.00, showcasing significant upside potential. This represents a compelling opportunity to acquire a well-located multifamily property with the potential for substantial rental income growth. The property is part of a larger portfolio of thirteen apartment units, offering potential for future expansion or consolidation of holdings. The current occupancy rate is high, with only one vacant unit within the larger portfolio. This property is ideal for investors seeking immediate returns and long-term appreciation in a desirable coastal location. The property's size and location make it an attractive investment for both seasoned and new investors in the multifamily market. This is a rare opportunity to acquire a well-maintained, income-producing property in a thriving area.

Location Insight

City

Cape Canaveral

County

Brevard

State

Florida

Latitude

28.382

Longitude

-80.6039

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