Six-Unit Updated Apartment
For Sale
$999,000
1656 Sunny Brook Lane NE, Palm Bay, FL 32905
Residential Income, Palm Bay, FL
Property Size5,484 SF
Lot Size0.06 Acres
Price / SF$182.17
Days on Market131
Property Features for 1656 Sunny Brook Lane NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi Family
Bedrooms
18
Bathrooms
12
Full bathrooms
12
Rooms
Bedroom 2, Bedroom 6, Bedroom 12, Bedroom 5, Bedroom 13, Bathroom 8, Bathroom 10, Bedroom 4, Bathroom 5, Bedroom 18, Bathroom 12, Bathroom 1, Bedroom 17, Bedroom 15, Bathroom 6, Bedroom 10, Bedroom 16, Bedroom 11, Bathroom 7, Bedroom 7, Bedroom 3, Bedroom 9, Bathroom 4, Bathroom 2, Bathroom 3, Bathroom 11, Bedroom 8, Bedroom 1, Bathroom 9, Bedroom 14
Parking
12
Parking features
Assigned
Pool private
1
Appliances
Dishwasher, Electric Range, Electric Water Heater, Refrigerator, Washer/Dryer Stacked
Subdivision
Country Gardens II Condo
Elementary school
Rivieria
Middle school
Stone
High school
Palm Bay
Directions
From Babcock St turn onto Sunny Brook Lane Make first left into Counrty Gardens , Block l will be on your left handside .
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
HOA Fee
$367 Monthly
Legal 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
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry
pool
Building Details
Year built
1984
Floors in Building
2
Number of units
6
Flooring type
Tile
Building materials
Block, Concrete, Stucco
Roof type
Shingle
Listing Agency:
Dale Sorensen Real Estate Inc.
(321) 723-9990
Listed By:
Deborah Ann Harris-Caldwell
(321) 427-4497
Added: May 11
Changed: Sep 17
Last Checked: Sep 18 at 9:06PM
MLS# 1076991
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.
Investment Insights
Based on property information with market context.
This 5,484-square-foot apartment property contains six fully rented condos, with each residence offering three bedrooms and two bathrooms. Interior laundry rooms include stacked washer/dryer units. Improvements include replacement appliances throughout, updated bathroom tile, luxury vinyl plank flooring in five units, and porcelain tile in the sixth. Five air-conditioning systems were replaced between 2020 and 2022, while the remaining system has been inspected and is operating properly.
Built in 1984 on approximately 0.06 acres, the property includes assigned parking, a private pool, public water, and public sewer. Association services include water, sewer, master insurance, cable, internet, grounds maintenance, and pool maintenance. A new roof was completed in 2025, and exterior painting is scheduled for May 2026. Unit 201 also received new appliances and interior paint in May 2026.
Built in 1984 on approximately 0.06 acres, the property includes assigned parking, a private pool, public water, and public sewer. Association services include water, sewer, master insurance, cable, internet, grounds maintenance, and pool maintenance. A new roof was completed in 2025, and exterior painting is scheduled for May 2026. Unit 201 also received new appliances and interior paint in May 2026.
Key Highlights
- Six fully rented 3‑bedroom, 2‑bath condos
- 5,484 square feet on 0.06 acres
- Interior laundry rooms with stacked washer/dryers
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$57,158
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,143,160
$1.1M
Cap Rate 7%
$816,543
$816.5K
Cap Rate 9%
$635,089
$635.1K
Market Conditions
NOI Build-Up for 5,484 SF
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.
Gross rent
$110.6K $20.16/SF
− Vacancy
−$6.6K −$1.21/SF
EGI
$103.9K $18.95/SF
− OpEx
−$46.8K −$8.53/SF
NOI
$57.2K $10.42/SF
Area
Palm Bay, FL
Vacancy
6.00%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,143,160
Cap Rate 7%
$816,543
Cap Rate 9%
$635,089
Alternative Uses
Best Use
Apartment 5plus
$816.5K
$714.5K – $952.6K
NOI $57,158 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,279 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
537
Businesses Nearby
Explore this area
Business Placement
Demographics for 32905, FL
26,064
Population
12,635
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
91%
High-School Grad
9.7 sq mi
ZIP Area
2,687
Density / Sq Mi
$56,671
Median Household Income
$31,688
Median Earnings
$1,361
Median Rent
$206,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated condo units feature in-home laundry, refreshed finishes, and access to a private pool.
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: Six fully rented 3‑bedroom, 2‑bath condos; 5,484 square feet on 0.06 acres; Interior laundry rooms with stacked washer/dryers
