Overview
This property presents an outstanding investment opportunity in a prime location adjacent to Florida Tech University and just minutes from historic downtown Melbourne. With nearly $4.2 million recently invested in capital improvements, the need for immediate expenditures is minimized, allowing investors to focus on future value enhancement.
The property boasts a comprehensive range of amenities, including resort-style pools, a summer kitchen, and various recreational areas, which enhance its appeal. There is significant potential to increase rents, as current rates are $363 below market comps, and the option to upgrade units and install washers/dryers offers additional revenue opportunities. This property is offered free and clear of debt encumbrances, providing investors with a clean slate for financial planning and investment growth.
In summary, this property represents a compelling investment opportunity with substantial value-add potential, excellent location benefits, and a strong tenant demand driven by nearby educational and employment centers. It’s an ideal choice for investors seeking a high-growth asset in a dynamic and promising market.
Investment Highlights
- Excellent Opportunity to Acquire a Well-Located, True Value-Add Property adjacent to Florida Tech University and Just Minutes from Historic Downtown Melbourne
- Current Ownership has Spent Nearly $4.2MM in Capital Expenditures Limiting the Need for Future Expenditures from New Ownership
- Expansive Amenity Package Including Two Resort Style Swimming Pools with Brick Paver Sun Decks, Poolside Cabana Beds and Hammocks, Summer Kitchen, Picnic Area, Outdoor Game Area with Ping Pong and Corn Hole and Onsite Laundry Facilities
- Ability to Upgrade Classic (62), Partially Upgraded (17) Units and Further Enhance Fully Upgraded Units to Obtain Additional Rent Premiums
- Washer/Dryer Connections in 8 Units and Achieving $40/Month Premium. Ability to Retrofit Remaining 221 units with Connections/Appliances for Additional Upside
- The Property is Currently $363 per Unit Below the Leading Market Comp Signaling the Ability to Increase Rents
- Diverse Mix of One, Two and Three-Bedroom Units Featuring Modern, Functional Floorplan Layouts
- Surrounded by Major Employers Including Northrop Grumman (3,000 employees), Patrick Air Force Base (10,000 Employees), Kennedy Space Center (10,000 Employees), Orlando-Melbourne International Airport (6,000 Employees) and Health First Medical Group (500+ Employees)
- Located 0.3 Miles from FL Institute of Technology University Which Annually Enrolls Over 9,500 Students & Staff
- Offered Free and Clear of Debt Encumbrances
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