Mercury Pines Apartments
- 300 Mercury Ave SE, Palm Bay, FL 32909
Price : $2,495,000
Property Details
- Property Type: Multifamily
- Investment Type : Value Add
- Square Footage : 13,600
- Price/Sq Ft : $183.46
- Lot Size (acres) : 2.01 acres
- 16 units
- Buildings : 1
- Price/Unit: $155,937.50
- Sub type : Apartment Building
- Class : B
- Pro-Forma Cap Rate : 6.40%
- Pro-Forma NOI : $159,559
- Year Built : 1986
- Stories : 2
- Broker Co-Op :Yes
Please contact Andrew Green (Andrew.Green
@seacrestadvisors.com) to discuss the offering.
Seacrest Advisors is pleased to present the opportunity to acquire Mercury Pines Apartments. Mercury Pines is a two-story, single apartment building located in Palm Bay, Florida. The asset was built in 1986 with wood frame & stucco on concrete slab and is situated on approximately two acres. The property consists of sixteen (16) units that are all two bedroom / one bathroom which are +/- 850 square feet each. Mercury Pines is ideally located on the southeast corner of I-95 and Malabar Road and is near several commercial businesses. Additionally, the asset is a few minutes away from Eastern Florida State College and Health First Hospital, providing sustained tenant demand.
Mercury Pines offers the new ownership an attractive opportunity to finish improving the remaining units to higher quality finish levels. Current ownership has improved 2 out of the 16 units, leaving the remaining 14 units for the new owner to complete and further push the rental income. Additionally, the property has excess acreage which could be utilized to add common area amenities for the tenants. This leaves the new owner an opportunity to significantly improve the value of Mercury Pines.
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