$900,000
Melbourne, FL 32935
MLS# 970834
Status: Closed
5956 sqft
1 / 32
Property Description
Discover an incredible investment opportunity with this 8-unit property! Nestled in the heart of the historic Eau Gallie Arts District, this gem of a building once known as The Libbyan in the 1920s is now ready to be a lucrative addition to your real estate portfolio. Recent renovations, including Electric in 2022, Sewer Lateral Line in 2021, and Roof in 2014, provide peace of mind for a savvy investor seeking a well-maintained property. Spanning across 5,956 SF, this investment property offers a mix of One Bedroom and Studio Units, appealing to a wide range of potential tenants. With Gross Rents totaling over $81,000 annually, and rental rates with room to grow this property offers a solid investment with increased potential.
Details
Maps
Location, Tax, and Legal
Tax Account: 2717082
Parcel Number: 27-37-16-25-00008.0-0014.00
General County Location: South
Elementary School: Creel
Middle School: Johnson
High School: Eau Gallie
Tax Annual Amount: 7390.99
Tax Year: 2022
Tax Legal Description: EAU GALLIE, VILLAGE PLAT OF LOT 14 BLK 8
Directions: From Pineapple Ave turn West onto Aurora Rd. Take the first right on the dirt road. Parking is in the back
General Property Information
Number Of Units Total: 8
Living Area: 5924
Living Area Source: Other
Building Area Total: 5956
Lot Size Acres: 0.2
Lot Size Square Feet: 8712
Association YN: No
Garage YN: No
Garage Spaces: 0
Carport YN: No
Carport Spaces: 0
Waterfront YN: No
Open Parking Spaces: 8
Parking Total: 8
Use Code: 08 / MULTIPLE LIVING
Water Body Access YN: No
Pool Private YN: No
List Price/SqFt: 166.27
Sold Price/SqFt: 151.92
Year Built: 1925
Remarks and Miscellaneous
Public Remarks: Discover an incredible investment opportunity with this 8-unit property! Nestled in the heart of the historic Eau Gallie Arts District, this gem of a building once known as The Libbyan in the 1920s is now ready to be a lucrative addition to your real estate portfolio. Recent renovations, including Electric in 2022, Sewer Lateral Line in 2021, and Roof in 2014, provide peace of mind for a savvy investor seeking a well-maintained property. Spanning across 5,956 SF, this investment property offers a mix of One Bedroom and Studio Units, appealing to a wide range of potential tenants. With Gross Rents totaling over $81,000 annually, and rental rates with room to grow this property offers a solid investment with increased potential.
Appliances
Gas Range: 1
Refrigerator: 1
Construction Materials
Frame: 1
Stucco: 1
Wood Siding: 1
Cooling
Central Air: 1
Wall/Window Unit(s): 1
Flooring
Tile: 1
Wood: 1
Levels
Two: 1
Listing Terms
Cash: 1
Conventional: 1
Lot Features
Few Trees: 1
Historic Area: 1
Parking Features
Assigned: 1
Pool Features
None: 1
Financial Data Source
Owner: 1
Income and Expenses
Gross Scheduled Income: 81240
Net Operating Income: 56565
Operating Expense: 24675
Owner Pays
Electricity: 1
Gas: 1
Grounds Care: 1
Insurance: 1
Management: 1
Pest Control: 1
Sewer: 1
Taxes: 1
Trash Collection: 1
Water: 1
Roof
Membrane: 1
Special Listing Conditions
Standard: 1
Utilities
Separate Electric Meters: 1
Sewer Connected: 1
Water Available: 1
Propane: 1
Water Source
Public: 1
Showing Requirements
Appointment Only: 1
Call Listing Office: 1
Showing Considerations
Occupied: 1
Historical Information
Public Historical Remarks 3: Number of Buildings: 1 Building
Contract Information
Current Price: $900,000
Original List Price: 985000
Sold Price: $900,000
Status: Closed
Listing Contract Date: 2023-07-25
Property Sub Type: Multi Family
Location Tax and Legal
Street Number: 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: 2023-08-21T15:38:42Z
Major Change Type: Status Change
Status Change Timestamp: 2023-08-21
Purchase Contract Date: 2023-07-28
Close Date: 2023-08-19
Close Price: 900000
Property Features
Appliances: Gas Range; Refrigerator
Construction Materials: Frame; Stucco; Wood Siding
Cooling: Central Air; Wall/Window Unit(s)
Financial Data Source: Owner
Flooring: Tile; Wood
Levels: Two
Listing Terms: Cash; Conventional
Lot Features: Few Trees; Historic Area
Owner Pays: Electricity; Gas; Grounds Care; Insurance; Management; Pest Control; Sewer; Taxes; Trash Collection; Water
Parking Features: Assigned
Pool Features: None
Roof: Membrane
Special Listing Conditions: Standard
Utilities: Separate Electric Meters; Sewer Connected; Water Available; Propane
Water Source: Public
Showing Considerations: Occupied
Showing Requirements: Appointment Only; Call Listing Office
Listing Office: JM Real Estate
Last Updated: April - 21 - 2025
Information is deemed to be reliable, but is not guaranteed.