Jasmin Cove | 2 Value-Add Units Comprised of All 2 Bed 1 Bath Townhome Style Floorplans Minutes | FOR SALE

Description:

Matthews Real Estate Investment Services is excited to present Jasmine Cove Apartments, a 42 unit value-add apartment community in the rapidly growing market of Melbourne, FL. Jasmine Cove consists of four buildings with two-bedroom, one-bath townhome-style apartments. Most units have been fully renovated, with nearly $1,000,000 in capital improvements made in recent years. Remaining vacant units are undergoing renovations/repairs and will continue leasing in the coming months.

Located less than 10 minutes from the beach, 5 minutes from Downtown Melbourne, and 3 minutes from the Florida Institute of Technology, Jasmine Cove benefits from numerous demand drivers. This property offers a rare opportunity to achieve over 20% upside in rents through improved operational efficiency and minimal capital expenditures on interior units and exterior curb appeal.

RECENTLY RENOVATED: The Property has undergone extensive renovations since 2020, with nearly $1,000,000 in capital expenditures.

VALUE-ADD POTENTIAL: Current ownership has done most of the heavy lifting, and new ownership has the opportunity to continue the value-add program with minimal capex requirements and a focus on improving operational efficiencies. Current rents are below market by ~$250.

PREMIUM LOCATION: Just minutes from Downtown Melbourne, Melbourne Beach, endless amenities, top schools, and employers.

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