The 2.08 Acres Of Multi Family Land Improved With Single Family Homes

Description:

The Subject property consists of two contiguous lots located at 625 and 629 E. Melbourne Avenue, Melbourne, FL 32901. Nestled on the south side of East Melbourne Avenue and bordered to the north by Crane Creek, these lots are conveniently situated just one block south of Downtown Melbourne. This prime location offers easy access to the vibrant amenities of the downtown area, including shops, restaurants, and cultural attractions, making it an ideal spot for both residential and potential redevelopment opportunities.

Surrounding land uses enhance the Subject's appeal. To the north, the property is adjacent to a City of Melbourne parking lot and the contemporary Highline Apartments, fostering a lively urban environment. To the south lies Crane Creek and the City of Melbourne Water Treatment facility, providing essential municipal services. The eastern and western boundaries of the Subject are flanked by estate single-family residential properties, contributing to a serene residential atmosphere while maintaining proximity to urban conveniences. This mix of uses creates a balanced neighborhood that supports both living and recreational activities.

The Subject encompasses a total of 2.08 acres, with each lot measuring 1.04 acres, as recorded by the Brevard County Property Appraiser. The lots are rectangular in shape, with an approximate width of 171 feet along East Melbourne Avenue. Access to the property is facilitated by a shared driveway that connects directly to East Melbourne Avenue, offering convenient ingress and egress. Both homes on the lots are currently occupied by relatives, but should they be sold separately in the future, the construction of new driveways or the establishment of privacy measures may be necessary to maintain the integrity of the space.

Utilities are readily available and well-connected to the Subject property, ensuring a smooth transition for current or future occupants. The lots are equipped with municipal water and sewer services, while Florida Power & Light Company provides electricity. Additionally, a variety of service providers offer telephone and cable/internet services, making the property suitable for modern living standards. The availability of these utilities supports the potential for redevelopment into a multi-family residential project, catering to the growing demand for housing in the area.

Topographically, the Subject property is mostly level with the surrounding roadways, although it gently slopes downward toward Crane Creek. The soil conditions are typical for the region and appear adequate for both the existing use and potential multi-family redevelopment. The front of the site is largely clear of vegetation, while the rear area near Crane Creek features some natural greenery. According to the National Wetlands Inventory, no wetlands exist on the property, further simplifying development considerations. Overall, the Subject's topography and access to essential utilities position it as a viable option for both current residential use and future growth opportunities within this thriving Melbourne neighborhood.

The Subject comprises two contiguous parcels that are both 1.04 acres. The total gross site size of 2.08 acres (90,605 SF), according to the Brevard County Property Appraiser. No wetlands appear to be located onsite, and the property has some mature vegetation. The entire southern boundary of the Subject has frontage on Crane Creek (navigable).

Nestled at 625 and 629 E. Melbourne Avenue in Melbourne, Florida, this location finds itself in a vibrant and strategically positioned neighborhood. Situated on the south side of E. Melbourne Avenue, the property is conveniently located between Grant Place to the west and Hallwood Place to the east, offering easy access to various local amenities. Stretching toward the southern boundary, the property boasts a picturesque frontage on Crane Creek, enhancing the natural beauty of the surroundings and providing a serene backdrop that contrasts with the bustling urban activities nearby.

The neighborhood surrounding the property is a dynamic blend of residential, commercial, and industrial areas, reflecting the diverse character of the City of Melbourne. Bordered by the I-95 interchanges at Eau Gallie Boulevard and New Haven Avenue, the area serves as a vital hub for both residents and visitors. Residential pockets are interspersed throughout, providing a quaint community atmosphere amidst the bustling commercial landscape. The West New Haven Avenue corridor stands out as a major shopping destination, featuring various national retailers and the Melbourne Square Mall, which draws shoppers from the surrounding areas. Meanwhile, the historic downtown Melbourne, located to the southeast, offers a charming mix of shops, restaurants, and office spaces, contributing to the neighborhood's appeal.

With approximately 80% of the area developed, the neighborhood is characterized by a balanced land use mix of 40% residential, 40% industrial, and 20% retail/office, making it an essential employment center for the region. While the landscape becomes more rural to the west of I-95, the recently constructed St. Johns Heritage Parkway is poised to further stimulate development in this direction. Additionally, the proximity to Melbourne Orlando International Airport enhances the area's connectivity and economic potential, making it an attractive location for both businesses and families alike. This unique combination of urban conveniences and natural beauty positions 625 and 629 E. Melbourne Avenue as a prime site within a thriving community.

The neighborhood encompassing Melbourne, Palm Bay, and West Melbourne has experienced significant growth since 2000, with the combined population rising from 163,054 to 235,836 by 2021—a remarkable 45% increase. This surge reflects a thriving residential market currently in a growth phase, particularly within the MLS Sections 323, 330, and 331. Median sale prices for single-family homes in these areas ranged from $290,000 to $429,000 between June 2022 and June 2023, marking an increase of 6% to 11% compared to the preceding year. While most residential structures are older and well-established, new construction is actively underway, signaling a shift toward modern living accommodations.

In addition to residential development, the neighborhood is witnessing notable growth in multi-family housing. Recent projects include the Paramount Riverfront Condominiums, completed in 2022, featuring luxury residences with direct riverfront access, and Springs at Hibiscus Crossing, a 288-unit apartment complex developed in 2020. Upcoming developments, such as The Vues—a planned 235-unit multi-housing project—indicate a sustained demand for diverse living options. Commercial expansion is also evident, particularly along major roadways, where existing properties have been redeveloped and new businesses like Wawa and Advanced Auto Parts have opened, enhancing local services and employment opportunities.

Downtown Melbourne is undergoing a renaissance, with several high-profile projects reshaping the urban landscape. The Highline Apartments and Hotel Melby by Hilton are recent additions that contribute to the area's residential and hospitality offerings. Plans for new developments, including the Aloft Hotel and the Dream Hotel, further indicate an ongoing commitment to revitalizing the downtown area. Additionally, Downtown Eau Gallie is experiencing a similar revitalization, marked by new dining establishments and residential projects like Avery. The overall growth of the neighborhood is exemplified by the construction of an Amazon distribution facility, which not only adds to local employment but also highlights the region's appeal to businesses looking to establish a presence in this rapidly developing area.