$599,999
Palm Bay, FL 32905
MLS# 1065407
7 beds | 6 baths
1 / 15
Property Description
Income Producing Property near Downtown Melbourne. Welcome to 2581 Spence Dr, a rare and versatile multi unit property offering immediate income and long term upside. This unique compound style residence is occupied and currently generating rental income, making it an ideal opportunity for investors seeking a stabilized asset in a growing market. The property features a main home with 2 bedrooms, 1 bathroom, and a garage, complemented by five additional rental units that allow for diversified income streams. These include: Unit A: Studio, Unit B: Studio, Unit C: 1-bedroom unit, Unit D: Efficiency unit with a loft, Unit E: Efficiency. Tenants enjoy shared amenities including a central courtyard that creates a welcoming community feel, as well as a dedicated laundry area for added convenience. Major improvements have already been completed, offering peace of mind to the next owner. The property has a newer roof and fencing.
Details
Maps
Contract Information
Comp Sale YN: No
Current Price: $599,999
Original List Price: 599999
List Price: $599,999
Status: Active
Listing Contract Date: 2026-01-02
Property Sub Type: Multi Family
Location, Tax, and Legal
Tax Account: 2825766
Parcel Number: 28-37-11-76-0000f.0-0002.00
General County Location: South
Elementary School: Palm Bay Elem
Middle School: Stone
High School: Palm Bay
Tax Annual Amount: 3229.92
Tax Year: 2025
Tax Legal Description: FARVIEW SUBD, REPLAT OF PT OF LOT 2 BLK F
Zoning Description: Multi Family
Directions: US Highway 1 to Spence Dr, right across from Honda dealership.
General Property Information
Number Of Buildings: 2
Number Of Units Total: 6
Stories Total: 1
Bathrooms Half: 0
Living Area: 2458
Living Area Source: Estimated
Lot Size Acres: 0.22
Lot Size Square Feet: 9583
Accessibility Features YN: No
Association YN: No
New Construction YN: No
Garage YN: Yes
Garage Spaces: 1
Carport YN: No
Waterfront YN: No
Open Parking Spaces: 6
Senior Community YN: No
CDD Fee YN: No
Water Body Access YN: No
Furnished: Unfurnished
Stories: 1
Pool Private YN: No
List Price/SqFt: 244.1
Bedrooms Total: 7
Bathrooms Total: 6
Bathrooms Full: 6
Year Built: 1958
Remarks and Miscellaneous
Public Remarks: Income Producing Property near Downtown Melbourne. Welcome to 2581 Spence Dr, a rare and versatile multi unit property offering immediate income and long term upside. This unique compound style residence is occupied and currently generating rental income, making it an ideal opportunity for investors seeking a stabilized asset in a growing market. The property features a main home with 2 bedrooms, 1 bathroom, and a garage, complemented by five additional rental units that allow for diversified income streams. These include: Unit A: Studio, Unit B: Studio, Unit C: 1-bedroom unit, Unit D: Efficiency unit with a loft, Unit E: Efficiency. Tenants enjoy shared amenities including a central courtyard that creates a welcoming community feel, as well as a dedicated laundry area for added convenience. Major improvements have already been completed, offering peace of mind to the next owner. The property has a newer roof and fencing.
Closing Company Details
Closing Company Name: Dockside Title
Closing Company Address: 2300 South Babcock St Melbourne, FL 32901
Construction Materials
Block: 1
Concrete: 1
Frame: 1
Stucco: 1
Cooling
Central Air: 1
Wall/Window Unit(s): 1
Current Use
Residential: 1
Fencing
Chain Link: 1
Fenced: 1
Wood: 1
Heating
Central: 1
Laundry Features
Common Area: 1
Levels
One: 1
Listing Terms
Cash: 1
Conventional: 1
Parking Features
Additional Parking: 1
Garage: 1
Off Street: 1
Possession
Close Of Escrow: 1
Financial Data Source
Property Manager: 1
Income Includes
Rent Only: 1
Sewer
Public Sewer: 1
Special Listing Conditions
Standard: 1
Unit 1 Details
Unit ID: House
Actual Rent: 0
Unit SqFt: 0
Beds Total: 2
Full Baths Total: 1
Furnished: Unfurnished
Unit Remarks: Unit is a single family House
Unit 2 Details
Unit ID: Unit A
Actual Rent: 0
Unit SqFt: 0
Beds Total: 1
Full Baths Total: 1
Furnished: Unfurnished
Unit Remarks: Studio
Unit 3 Details
Unit ID: Unit B
Actual Rent: 0
Unit SqFt: 0
Beds Total: 1
Full Baths Total: 1
Furnished: Unfurnished
Unit Remarks: Studio
Unit 4 Details
Unit ID: Unit C
Actual Rent: 0
Unit SqFt: 0
Beds Total: 1
Full Baths Total: 1
Furnished: Unfurnished
Unit Remarks: 1 bedroom apartment
Unit 5 Details
Unit ID: Unit D
Actual Rent: 0
Unit SqFt: 0
Beds Total: 1
Full Baths Total: 1
Furnished: Unfurnished
Unit Remarks: Efficiency with Loft Unit
Unit 6 Details
Unit ID: Unit E
Actual Rent: 0
Unit SqFt: 0
Beds Total: 1
Full Baths Total: 1
Furnished: Unfurnished
Unit Remarks: Efficiency Unit
Utilities
Electricity Connected: 1
Sewer Connected: 1
Water Connected: 1
Water Source
Public: 1
Location Tax and Legal
Street Number: 2581
Street Name: Spence
Street Suffix: Drive
Street Direction Suffix: NE
County: Brevard
State: FL
Postal Code: 32905
MLS Area Major: 340 - NE Palm Bay
Status Change Information
Major Change Timestamp: 2026-01-03T02:06:47Z
Major Change Type: New Listing
Status Change Timestamp: 2026-01-02
Property Features
Construction Materials: Block; Concrete; Frame; Stucco
Cooling: Central Air; Wall/Window Unit(s)
Current Use: Residential
Fencing: Chain Link; Fenced; Wood
Financial Data Source: Property Manager
Heating: Central
Income Includes: Rent Only
Laundry Features: Common Area
Levels: One
Listing Terms: Cash; Conventional
Parking Features: Additional Parking; Garage; Off Street
Possession: Close Of Escrow
Sewer: Public Sewer
Special Listing Conditions: Standard
Utilities: Electricity Connected; Sewer Connected; Water Connected
Water Source: Public
Listing Office: Blue Marlin Real Estate
Last Updated: January - 03 - 2026
Information is deemed to be reliable, but is not guaranteed.