89 NW Irwin Avenue, Melbourne, FL 32904

Price: $1,955,000

MLS # 1028572

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Type: Multifamily

Bedrooms: N/A

Full Baths: N/A

Half Baths: N/A

List Date: 11-01-2024

Year Built: 1973

Homestead: N/A

7,728 Sq. Ft.

Zoning: N/A

Property Images:

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Property Description:

11 Units For Sale! This exceptional investment opportunity includes 89, 87, and 85 NW Irwin Avenue--a fully renovated, fully occupied complex generating $15, 350 monthly in rental income, with the potential to increase rents to $17, 000 monthly immediately, as 9 out of 11 tenants are on month-to-month leases. Listed at $1, 955, 000, the property currently yields an annual income of $184, 200, which equates to approximately 9.42%. With increased rents, this could rise to $204, 000 annually, or about 10.44%. The complex consists of an 8-unit apartment building at 89 NW Irwin, with each unit featuring 1 bedroom and 1 bathroom; a single-family home at 87 NW Irwin, offering 3 bedrooms and 2 bathrooms; and a duplex at 85 NW Irwin, with each unit providing 2 bedrooms and 1 bathroom. With solid current returns and the flexibility for immediate rental growth, this property presents an ideal addition to any investment portfolio.

Exterior Features

N/A


Interior Features

N/A


Equipment / Appliances

N/A


Utilities

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Property Details

Street Name

County

Brevard

Listing Status

Active

Tax Year

2024

Pool

No

Waterfront

No

ZipCode

Tax Amount

$10,134

HOA Dues

$0.00

89 NW Irwin Avenue Melbourne, FL 32904

This listing is courtesy of Florida Homes Rlty. & Mtg. LLC.

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