620 E New Haven Ave

Highlights:

• The 32901 ZIP code is the premier business hub of the Space Coast, home to key organizations driving economic growth. These include Orlando Melbourne International Airport, L3 Harris, Northrup Grumman, Florida Institute of Technology, Health First, Kindred Hospital, and the Melbourne Regional Chamber of Florida's Space Coast.

Description:

Meticulously maintained mixed-use building featuring five apartments and two retail spaces. With annual income of gross income of $122,552, blending both residential and commercial income, gross and NNN, this property offers a diverse and stable revenue stream. The building has undergone extensive recent renovations, including a roof replacement, fresh paint, new impact-rated windows, a new front patio, landscaping improvements, parking lot replacement, and new air conditioning units. These comprehensive upgrades position the property for long-term, profitable holding with minimal near-term capital expenditures.

Historic Downtown Melbourne is a thriving destination, with an impressive array of 288 businesses within a one-mile radius. The area features a diverse mix of 45 dining establishments, 47 shopping venues, 9 unique experiences, and numerous professional offices. The district's cultural appeal is enhanced by 18 captivating murals, 6 art galleries, and 2 theaters, creating an immersive and culturally rich ambiance that draws customers from throughout Brevard County.

The property benefits from strong demographics, with a population of 169,000 residents within a 15-minute drive. The average household income in the area is $85,883, projected to reach $99,247 by 2028 according to US Census - Esri forecasts. This demographic profile attracts a diverse audience, from young and well-compensated 'knowledge-economy' professionals and families to affluent retirees, ensuring a consistent flow of potential customers and tenants.

To the best of our knoeldge, all of the HVAC systems have been replaced within the last 1-3 years. The apartments each have their own unit(s) and are mainly either mini-split systems OR winodw units. All units have operational HVAC and are maintanted professionally. All roofs have been repalaced since our ownership. We did them in phases. No current roof issues are known. No known electrical issues. We updated light fixtures and outlets etc. when we bought the property. Otherwise, only basic electrical updates. Most plumbign fixtures have been repalced since our ownership period. Toilets, faucets, tubs etc. No known issues with any plumbing related items or drains.

1 Space Available

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