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0 Cove Street and Jack Street - Cove Apartments

2.31 Acres of Commercial Land Offered at $1,450,000 in Stuart, FL 34997

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Investment Highlights

Land is ideally located adjacent to popular amenities, including Publix, Starbucks, shopping, and dining options.

Close proximity to SE Federal Hwy

Executive Summary

Projections:
Purchase Price $1,450,000.00
Build Costs $10,600,000.00
Soft Costs $300,000.00 includes preserve buy out and Impact fees
Average rental rates 2 bedroom 2 bathroom $2,200.00
Annual Gross revenue $1,267,200.00
Projected Expenses $443,520.00
Projected NOI $823,680.00
Estimated Build Time 18 months
Projected value after build at 5.5% cap rate $15,030,545.00

Investigations

Financial Summary (Pro forma - 2024) Click Here to Access	Annual	Annual Per AC
Gross Rental Income	$99,999	$9.99
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	$99,999	$9.99
Net Operating Income	-	-

Financial Summary (Pro forma - 2024) Click Here to Access

Gross Rental Income
Annual	$99,999
Annual Per AC	$9.99

Other Income
Annual	-
Annual Per AC	-

Vacancy Loss
Annual	-
Annual Per AC	-

Effective Gross Income
Annual	$99,999
Annual Per AC	$9.99

Net Operating Income
Annual	-
Annual Per AC	-

Property Facts

Price	$1,450,000	Property Subtype	Commercial
Sale Type	Investment	Proposed Use	Multifamily Apartment Units
No. Lots	1	Total Lot Size	2.31 AC
Property Type	Land

Price	$1,450,000
Sale Type	Investment
No. Lots	1
Property Type	Land
Property Subtype	Commercial
Proposed Use	Multifamily Apartment Units
Total Lot Size	2.31 AC

1 Lot Available

Lot

Price	$1,450,000	Lot Size	2.31 AC
Price Per AC	$627,706

Price	$1,450,000
Price Per AC	$627,706
Lot Size	2.31 AC

P a y I n L i e u o f P r e s e r v e A r e a A c h e c k w i l l b e p r o v i d e d a t t h e b u i l d i n g p e r m i t s t a g e i n t h e p r o c e s s , f o r $ 1 8 0 , 0 0 0 p a i d i n l i e u o f t h e p r eserve.

Description

The Cove is a shovel-ready, multifamily development project located in Port Salerno, Florida, a thriving community within Martin County, Florida. The area has seen steady growth in population and development, making it an ideal location for multifamily residential development. The site has full site plan approval, including architectural, civil engineering drawings and wastewater agreement. This development presents an exclusive opportunity to build 48 high-quality residential units across 4 buildings, each designed with modern amenities and thoughtful architecture. All units are 2-bedroom 2 bathroom with spacious balconies. Everything has been complete. Next step is to apply for permits.