Active

89 NW Irwin Avenue

Melbourne FL, 32904

$1,955,000


$252.98 per sqft

Active

8 Beds

8 Baths

7,728 sqft

Multi-family

Built in 1973

11 Units For Sale! This exceptional investment opportunity includes 89, 87, and 85 NW Irwin Avenue--a fully renovated, fully occupied complex generating $15,350 monthly in rental income, with the potential to increase rents to $17,000 monthly immediately, as 9 out of 11 tenants are on month-to-month leases. Listed at $1,955,000, the property currently yields an annual income of $184,200, which equates to approximately 9.42%. With increased rents, this could rise to $204,000 annually, or about 10.44%. The complex consists of an 8-unit apartment building at 89 NW Irwin, with each unit featuring 1 bedroom and 1 bathroom; a single-family home at 87 NW Irwin, offering 3 bedrooms and 2 bathrooms; and a duplex at 85 NW Irwin, with each unit providing 2 bedrooms and 1 bathroom. With solid current returns and the flexibility for immediate rental growth, this property presents an ideal addition to any investment portfolio.

1028572

MLS ID

December 10, 2024

Listed

December 19, 2024

Updated

Map

89 NW Irwin Avenue
Melbourne FL, 32904

Interior Features

Total Stories

2


Bedrooms

8


Total Bathrooms

8


Full Bathrooms

8


Appliances

Electric Range, Refrigerator


Floor Description

Tile


Fireplace

No


Cooling

Yes


Cooling Description

Central Air


Heating

Yes


Heating Description

Central

Exterior/Building Features

Lot Size

0.58 Acres


Exterior Features

Impact Windows, Storm Shutters


Lot Features

Few Trees


Roof

Membrane, Shingle


Sewer

Public Sewer

School Information

High School

Melbourne


Elementary School

University Park

Other Property Details

Area Name

331 - West Melbourne


Taxes

$10,134


Tax Frequency

Annually


Garage

No


Parking

Parking Lot


Parking Total

18


View

Yes


View Description

Other


County

Brevard


Water Source

Public


Pool

No

Listing History

Date

Event

Price

12/10/2024

Active

11/27/2024

Pending

Courtesy of Florida Homes Rlty. & Mtg. LLC, Guy Newman,
Listing Contact: 904-996-9115 

All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Whitney Team shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

©2024 FL - MLS of South Brevard & the Space Coast Association of REALTORS (SPACE). All rights reserved.

 

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