Multifamily Investment Opportunity in
2716 RIVERVIEW DRIVE A Melbourne, FL 32901
For Sale
$1,100,000
Turn-key investment property with five units near Downtown Melbourne.
Property Size3,194 SF
Lot Size0.49 Acres
Price / SF$344.40
Days on Market564
Property Features for 2716 RIVERVIEW DRIVE A
General Information
- Standard status
- Active
- Size
- 3,194 SF
- Lot size
- 0.49 Acres
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 1927
Listing Agency:
KELLER WILLIAMS RLTY,BREVARD
(407) 230-7910
Listed By:
Leann Graefe, LLC · License #3447853
(407) 230-7910
Source:
Exitrealty
Added: Jan 8, 2025
Changed: Jul 6
Last Checked: Jul 25 at 5:05AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KELLER WILLIAMS RLTY,BREVARD
Investment Insights
Based on property information with market context.
This multifamily investment opportunity is located minutes from Historic Downtown Melbourne. Situated on a half-acre lot, the property features five rental units across two buildings. The unit mix includes two studios, one one-bedroom, and two two-bedroom apartments. The property is zoned Commercial Multi-Family Residential 2 to 9 units. Two separate parking areas provide ample parking for tenants. The property offers income potential and room for expansion.
Key Highlights
- Prime Location: Minutes from Historic Downtown Melbourne, Indian River, shops, dining, and parks.
- Turn‑Key Investment: Five rental units ready for immediate income.
- Strong Rent Potential: Diverse unit types attract a range of tenants.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $63.2k | $19.80 |
| − Vacancy | −$3.8k | −$1.19 |
| EGI | $59.4k | $18.61 |
| − OpEx | −$26.8k | −$8.38 |
| NOI | $32.7k | $10.24 |
3,194 SF · lease $19.80/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$467.1K
$408.7K – $544.9K
NOI $32,696 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$842.7K
$737.3K – $983.1K
NOI $58,987 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Turn-key investment property with five units near Downtown Melbourne.
Where is this apartment building located?
The property is located at 2716 RIVERVIEW DRIVE A Melbourne, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Prime Location: Minutes from Historic Downtown Melbourne, Indian River, shops, dining, and parks.; Turn‑Key Investment: Five rental units ready for immediate income.; Strong Rent Potential: Diverse unit types attract a range of tenants.
