1219 E Strawbridge Avenue, Melbourne, Florida FL32901
5,852 SqFt 0.260 Acres
IN HISTORIC DOWNTOWN MELBOURNE walking distance to 288 businesses, 39 bars and restaurants. This property is a perfect value add opportunity. Room for rents to be doubled OR units can be flipped to STR where you can create serious ROI. C3 (mixed-use) property is currently comprised of 8 units. Four 2/1's, and Four 1/1. What a great 1031 Exchange Opportunity. 100% occupied. Current proforma (NOI) $70K a year (5% CAP). HOWEVER - If turned into STR (NOI) $192K a year (11.19% CAP). This site sits in a CRA, which allows 100 units per acre, and a height of 8 stories. Potential to build something else on this site in the future.
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