300 Mercury Ave SE
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300 Mercury Ave SE
16 Unit Apartment Building $2,750,000 ($171,875/Unit) Palm Bay, FL 32909
Investment Highlights
- Value-Add Opportunity
- Meticulously Maintained Property
- Excess Acreage Allows Amenity Additions
- 100% Occupied
Executive Summary
Mercury Pines is a two-story single building located in Palm Bay,
Florida. The asset was built in 1986 with wood frame & stucco on
concrete which is situated on approximately 2 acres. The property
consists of sixteen (16) units that are all two bedroom/one bathroom
which are 899 square feet each. Mercury Pines is ideally located on
the southeast corner of I-95 and Malabar Road and is surrounded
by thriving commercial businesses and other similar multifamily
housing. Additionally, the asset is a few minutes away from major
medical and educational institutions.
Mercury Pines offers new ownership an attractive opportunity to
finish the value-add program and continue to raise rents to higher
market levels. Current ownership has upgraded two of the sixteen
units to higher quality finish levels and newly leased units are
achieving a fourteen percent rent premium over the remaining rent
roll. Additionally, the property has excess acreage which could be
utilized to add common area amenities for the tenant base. This
leaves the new owner an opportunity to significantly improve the
value of Mercury Pines.
Florida. The asset was built in 1986 with wood frame & stucco on
concrete which is situated on approximately 2 acres. The property
consists of sixteen (16) units that are all two bedroom/one bathroom
which are 899 square feet each. Mercury Pines is ideally located on
the southeast corner of I-95 and Malabar Road and is surrounded
by thriving commercial businesses and other similar multifamily
housing. Additionally, the asset is a few minutes away from major
medical and educational institutions.
Mercury Pines offers new ownership an attractive opportunity to
finish the value-add program and continue to raise rents to higher
market levels. Current ownership has upgraded two of the sixteen
units to higher quality finish levels and newly leased units are
achieving a fourteen percent rent premium over the remaining rent
roll. Additionally, the property has excess acreage which could be
utilized to add common area amenities for the tenant base. This
leaves the new owner an opportunity to significantly improve the
value of Mercury Pines.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $2,750,000 | Building Class | C |
| Price Per Unit | $171,875 | Lot Size | 2.02 AC |
| Sale Type | Investment | Building Size | 14,384 SF |
| No. Units | 16 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1986 |
| Apartment Style | Low Rise |
| Price | $2,750,000 |
| Price Per Unit | $171,875 |
| Sale Type | Investment |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 2.02 AC |
| Building Size | 14,384 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1986 |
Unit Amenities
- Air Conditioning
- Balcony
- Heating
- Kitchen
- Tub/Shower
- Yard
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
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PROPERTY TAXES
| Parcel Number | 29-37-03-26-01985.0-0001.00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $765,320 |
PROPERTY TAXES
Parcel Number
29-37-03-26-01985.0-0001.00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$765,320
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300 Mercury Ave SE
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