$1,400,000
Melbourne, FL 32935
MLS# 1016048
Status: Closed
6 beds | 8971 sqft
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Property Description
This is a rare opportunity to own 11 units in the sought-after Eau Gallie Arts District at the Libbyan Apartments.Built in 1925/1964, this historic property has been completely renovated, preserving its old-world charm while modernizing its amenities.Six of the 11 units have been fully updated, offering an excellent opportunity for a new owner to renovate the remaining five units and increase rents. The property requires minimal maintenance, featuring artificial grass throughout the grounds.The unit mix is highly attractive, consisting of six one-bedroom, one-bath units,two studios, and three two-bedroom, one-bath units.Currently, the property generates a gross income of $170,460, with one unit vacant. Significant upgrades have already been completed to the property (see list). This is your chance to capitalize on a unique investment in a vibrant, up-and-coming area. Don't miss out on owning a fantastic asset with both historical significance and modern comforts.
Details
Maps
Contract Information
Comp Sale YN: No
Current Price: $1,400,000
Original List Price: 2350000
Sold Price: $1,400,000
Status: Closed
Listing Contract Date: 2024-06-06
Property Sub Type: Multi Family
Location, Tax, and Legal
Tax Account: 2717082
General County Location: South
Elementary School: Creel
Middle School: Johnson
High School: Eau Gallie
Tax Annual Amount: 14484
Tax Year: 2023
Tax Legal Description: EAU GALLIE, VILLAGE PLAT OF LOT 14 BLK 8, EAU GALLIE, VILLAGE PLAT OF LOT 15 BLK 8
Directions: Going north in pineapple turn left on to Aurora and then the first right in to the alley, property is located on your right.
General Property Information
Number Of Buildings: 2
Number Of Units Total: 11
Stories Total: 2
Bathrooms Half: 0
Living Area: 8324
Living Area Source: Assessor
Building Area Total: 8971
Lot Size Acres: 0.4
Lot Size Square Feet: 17424
Accessibility Features YN: Yes
Association YN: No
New Construction YN: No
Garage YN: No
Carport YN: No
Parking Total: 14
Water Body Access YN: No
Pool Private YN: No
List Price/SqFt: 215.04
Sold Price/SqFt: 168.19
Bedrooms Total: 6
Year Built: 1925
Remarks and Miscellaneous
Public Remarks: This is a rare opportunity to own 11 units in the sought-after Eau Gallie Arts District at the Libbyan Apartments.Built in 1925/1964, this historic property has been completely renovated, preserving its old-world charm while modernizing its amenities.Six of the 11 units have been fully updated, offering an excellent opportunity for a new owner to renovate the remaining five units and increase rents. The property requires minimal maintenance, featuring artificial grass throughout the grounds.The unit mix is highly attractive, consisting of six one-bedroom, one-bath units,two studios, and three two-bedroom, one-bath units.Currently, the property generates a gross income of $170,460, with one unit vacant. Significant upgrades have already been completed to the property (see list).
This is your chance to capitalize on a unique investment in a vibrant, up-and-coming area. Don't miss out on owning a fantastic asset with both historical significance and modern comforts.
Construction Materials
Block: 1
Frame: 1
Stucco: 1
Cooling
Central Air: 1
Wall/Window Unit(s): 1
Current Use
Multi-Family: 1
Flooring
Tile: 1
Vinyl: 1
Wood: 1
Heating
Central: 1
Separate Meters: 1
Varies by Unit: 1
Laundry Features
Electric Dryer Hookup: 1
In Unit: 1
Washer Hookup: 1
Parking Features
Assigned: 1
Possession
Close Of Escrow: 1
Income and Expenses
Gross Scheduled Income: 170460
Owner Pays
Gas: 1
Insurance: 1
Taxes: 1
Trash Collection: 1
Water: 1
Roof
Membrane: 1
Shingle: 1
Sewer
Public Sewer: 1
Special Listing Conditions
Standard: 1
Tenant Pays
Cable TV: 1
Electricity: 1
Unit 1 Details
Unit ID: 1
Actual Rent: 1410
Unit SqFt: 550
Beds Total: 1
Furnished: Unfurnished
Unit Remarks: SqFt estimated
Unit 2 Details
Unit ID: 2
Actual Rent: 1350
Unit SqFt: 550
Furnished: Unfurnished
Unit Remarks: Studio, SqFt estimated
Unit 3 Details
Unit ID: 3
Actual Rent: 1125
Unit SqFt: 700
Beds Total: 1
Furnished: Unfurnished
Unit Remarks: SqFt estimated
Unit 4 Details
Unit ID: 4
Actual Rent: 1585
Unit SqFt: 750
Beds Total: 1
Furnished: Unfurnished
Unit Remarks: Sqft Estimated
Unit 5 Details
Unit ID: 5
Actual Rent: 1200
Unit SqFt: 550
Beds Total: 1
Furnished: Unfurnished
Unit Remarks: Sqft Estimated
Unit 6 Details
Unit ID: 6
Actual Rent: 1100
Unit SqFt: 550
Furnished: Unfurnished
Unit Remarks: Studio, Sqft estimated
Unit 7 Details
Unit ID: 7
Actual Rent: 1535
Unit SqFt: 700
Beds Total: 1
Furnished: Unfurnished
Unit Remarks: Sqft Estimated
Unit 8 Details
Unit ID: 8
Actual Rent: 1125
Unit SqFt: 750
Beds Total: 1
Furnished: Unfurnished
Unit Remarks: Sqft Estimated
Utilities
Other: 1
Water Source
Public: 1
Location Tax and Legal
Street Number: 1832-1838
Street Name: Pineapple
Street Suffix: Avenue
County: Brevard
State: FL
Postal Code: 32935
MLS Area Major: 323 - Eau Gallie
Status Change Information
Major Change Timestamp: 2025-09-09T17:53:53Z
Major Change Type: Status Change
Price Change Timestamp: 2024-12-16T17:36:14Z
Status Change Timestamp: 2025-09-09
Purchase Contract Date: 2025-08-08
Close Date: 2025-09-09
Close Price: 1400000
Property Features
Construction Materials: Block; Frame; Stucco
Cooling: Central Air; Wall/Window Unit(s)
Current Use: Multi-Family
Flooring: Tile; Vinyl; Wood
Heating: Central; Separate Meters; Varies by Unit
Laundry Features: Electric Dryer Hookup; In Unit; Washer Hookup
Owner Pays: Gas; Insurance; Taxes; Trash Collection; Water
Parking Features: Assigned
Possession: Close Of Escrow
Roof: Membrane; Shingle
Sewer: Public Sewer
Special Listing Conditions: Standard
Tenant Pays: Cable TV; Electricity
Utilities: Other
Water Source: Public
Listing Office: One Sotheby's International
Last Updated: September - 30 - 2025
Information is deemed to be reliable, but is not guaranteed.