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    Turnkey Investment Condo Portfolio Title is generated by Realmo AI

    1656 Sunny Brook Lane NE, Palm Bay, FL 32905

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    For Sale
    $999,000

    MULTI_FAMILY - Palm Bay, FL

    Property size:
    5,484 SF
    Lot size:
    0.06 Acres
    Price / SF:
    $182/SF
    Added:
    May 11, 2026
    Days on Market:
    1
    Last Refresh:
    May 11 at 7:06 pm

    Property Features for 1656 Sunny Brook Lane NE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    18
    Bathrooms
    12
    Rooms
    Bathroom 4, Bathroom 3, Bedroom 17, Bedroom 16, Bedroom 1, Bedroom 18, Bedroom 13, Bedroom 15, Bedroom 3, Bathroom 11, Bathroom 1, Bedroom 12, Bedroom 5, Bathroom 6, Bedroom 9, Bathroom 8, Bedroom 14, Bedroom 6, Bathroom 9, Bathroom 5, Bathroom 2, Bedroom 7, Bedroom 10, Bathroom 12, Bathroom 7, Bedroom 4, Bedroom 2, Bedroom 11, Bedroom 8, Bathroom 10
    Parking
    12
    Parking features
    Assigned
    Pool private
    1
    Appliances
    Dishwasher, Electric Range, Electric Water Heater, Refrigerator, Washer/Dryer Stacked
    Standard status
    Active
    Size
    5,484 SF
    Lot size
    0.06 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    COUNTRY GARDENS II CONDO UNIT L-101 COUNTRY GARDENS II CONDO AS DESC IN ORB 2516 PG 816 AND ALL AMENDMENTS THERETO. Addl units L103,104,201,203,204
    Tax Annual Amount
    2257

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1984
    Floors in Building
    2
    Number of units
    6
    Flooring type
    Tile
    Building materials
    Block, Concrete, Stucco
    Roof type
    Shingle

    We can help!

    Listing Contact
    Deborah Ann Harris-Caldwell
    Deborah Ann Harris-Caldwell

    Listing agent Deborah Ann Harris-Caldwell

    Listing office Dale Sorensen Real Estate Inc. 436 Fifth Ave., Indialantic, FL

    Listing date May 11, 2026

    MLS# 1076991 Listing URL

    Copyright © 2026 Space Coast Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Turnkey investment: Six fully rented condos generating positive cash flow.
    • Recent renovations: New appliances, bathroom tile, and flooring upgrades.
    • Low maintenance: HOA covers water, sewer, insurance, cable, internet, grounds, and pool.
    • Updated systems: A/C units recently replaced in five units.
    • Interior laundry: Each unit includes a laundry room with a stacked washer/dryer.
    • Future improvements: Roof replacement scheduled for 2025 and exterior painting in May 2026.

    Overview

    This is a turnkey investment opportunity featuring six fully rented condos, each with 3 bedrooms and 2 bathrooms, and producing positive cash flow. Each unit includes an interior laundry room with a stacked washer and dryer. The effective dates for all units are between 2022 and 2023. Recent improvements include replaced appliances throughout the units, new bathroom tile, luxury vinyl plank flooring in five units, and newly installed porcelain tile in the sixth unit. The air conditioning systems in five condos were replaced between 2020 and 2022; the remaining unit's system has been inspected and is functioning well. Unit 201 also received new appliances and fresh interior paint in May 2026. The Homeowner's Association dues are $367 per unit, which include water, sewer, master insurance, cable, internet, grounds maintenance, and pool maintenance. Additional capital improvements include a planned roof replacement in 2025 and scheduled exterior painting in May 2026. The property is located in Palm Bay, Florida. The total property size is 5484 square feet, situated on a lot of approximately 0.06 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Palm Bay
    County
    Brevard
    State
    Florida
    Longitude
    -80.6242548
    Latitude
    28.0225118

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    FAQs

    What type of property is this?
    Apartment building - Six fully rented condos with recent updates and positive cashflow.
    Where is this apartment building located?
    The property is located at 1656 Sunny Brook Lane NE Palm Bay, FL.
    What is the asking price?
    The asking price for this property is $999,000.
    What are key features of this property?
    This property features: Turnkey investment: Six fully rented condos generating positive cash flow.; Recent renovations: New appliances, bathroom tile, and flooring upgrades.; Low maintenance: HOA covers water, sewer, insurance, cable, internet, grounds, and pool.
    (321) 427-4497
    We can help!
    Listing Contact
    Deborah Ann Harris-Caldwell
    Deborah Ann Harris-Caldwell
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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