1.65 Acres RM-20 Multifamily Land - 20 Units/Acre By Right
$440,000
311 Mercury Ave SE, Palm Bay, FL 32909
1.65 acres
Lot Area
33
Units
Details:
Highlights:
- RM-20 zoning with HDR future land use
- 20 UPA by right, up to 33 units on 1.65 acres
- Zoned, not entitled: buyer to design, entitle, and permit
- Two contiguous lots, about 320 by 225 feet overall
- City water and sewer available, Flood Zone X
- $13,333 per unit at the 33-unit yield
Description:
The Mercury Ave pair is a 1.65-acre multifamily development site in Palm Bay: two contiguous lots (0.73 and 0.92 acres) zoned RM-20 with High Density Residential future land use. Multifamily is permitted by right at 20 units per acre, a yield of up to 33 units.
The site is zoned but not entitled. No site plan, civil engineering, or building plans are in place, and the buyer will need to complete design, site plan approval, and permitting. Agora Village, one block north on the same Port Malabar plat, is site plan approved for 35 units at 19.6 units per acre on a similar footprint.
The lots have about 225 feet of combined frontage on Mercury Ave SE and run 320 feet deep. Both are wooded and unimproved. City of Palm Bay water and sewer are available to both lots. Flood Zone X.
RM-20 development standards (Palm Bay Land Development Code):
Density: 20 units per acre by right
Building height: 70 feet maximum
Building coverage: 40 percent maximum, with a 0.8 impervious surface ratio
Setbacks: 20 feet front and rear, 15 feet side, each plus 10 feet per floor above two stories
Parking: 2 spaces per unit with two or more bedrooms, 1 per one-bedroom unit
Common open space and recreation: 20 percent of the site
East side of Mercury Ave SE in Port Malabar, one block south of Agora Circle SE. Babcock Street is about 0.3 mile, Malabar Road 0.4 mile, and I-95 under half a mile. The adjoining lots to the south and east carry apartment buildings.
City of Palm Bay water and sewer are available to both lots on the City's availability layer. Reclaimed water is not.
Two contiguous platted lots: Lot 11 (0.73 acres, 321 Mercury Ave SE) and Lot 12 (0.92 acres, 311 Mercury Ave SE), about 320 by 225 feet overall measured from the county parcel layer. Flood Zone X on both lots. One block from Agora Village on the same Port Malabar Unit 40 plat.
Lot 11 and Lot 12, Block 1986, Port Malabar Unit Forty, Plat Book 21, Page 29, Brevard County, Florida
Documents:
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Location
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