630 Adams AveCape Canaveral, FL 32920

Property Details for 630 Adams Ave

Year built

1962

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.29 AC

Property size (Sq ft)

10,910 SF

Zone code

R3

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

24-37-23-CG-00006.0-0009.00

APU

243723CG000060000900

Description

This exceptional investment opportunity presents an 18-unit multifamily property located at 630 Adams Avenue, Cape Canaveral, Florida, 32920. The property, boasting 10,910 square feet, is situated on a 0.29-acre lot and enjoys a prime location just one lot away from direct beach access. The two-story building, constructed in 1962 of solid concrete block, comprises seventeen one-bedroom, one-bathroom units ranging from 400 to 600 square feet, many offering captivating ocean views. A unique feature is a spacious two-story primary suite with panoramic ocean vistas from every room. Currently configured as rental units, the property's R-3 zoning allows for diverse usage, including long-term or short-term rentals. The asking price is $5,400,000. Significant upside potential exists through renovation and potential conversion to condominiums or a boutique luxury apartment complex. The property's proximity to restaurants, parks, and Port Canaveral attractions further enhances its appeal and rental income prospects. Showings are by appointment only. This is a rare chance to acquire a well-located, income-producing asset with substantial redevelopment possibilities in a thriving coastal community.

• CAP approach

  CAP return

  Valuation

  6%

  $3,315,118

  6.5%

  $3,060,109

  7%

  $2,841,530

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,852,826

  Geo Method

  $2,655,456

• Alternative Use

  Use

  Valuation

  Residential

  $3,060,109

  Hospitality

  $2,803,043

  Educational

  $2,332,099

  Medical

  $2,412,304

  Retail

  $3,627,710

Location Insight

City

Cape Canaveral

County

Brevard

State

Florida

Latitude

28.3908

Longitude

-80.5975

CBSA code

37340

CBSA name

PALM BAY-MELBOURNE-TITUSVILLE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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