6-Unit Apartment Building
For Sale
$999,000
1656 Sunny Brook Ln, Palm Bay, FL 32905
Fully leased condos feature updated interiors, private laundry rooms, and extensive association-maintained amenities.
Property Size5,484 SF
Price / SF$182.17
Days on Market160
Property Features for 1656 Sunny Brook Ln
General Information
Standard status
Active
Size
5,484 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
6 x 3BR/2BA
Multifamily Units
6
Amenities
pool
in-unit laundry
Building Details
Year Built
1984
Listing Agency:
Dale Sorensen Real Estate Inc.
(321) 574-0378
Listed By:
Deborah Ann Harris-Caldwell · License #BK682700
Source:
Viewfloridabeachhouses
Added: Mar 25
Changed: Aug 29
Last Checked: Aug 30 at 5:56PM
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 Dale Sorensen Real Estate Inc.
Investment Insights
Based on property information with market context.
This apartment portfolio contains 6 fully rented, 3-bedroom, 2-bath condos totaling 5,484 square feet. Each unit includes an interior laundry room with a stacked washer and dryer. Improvements include appliance replacements throughout, new bathroom tile, luxury vinyl plank flooring in five units, and porcelain tile in the sixth. Five A/C systems were replaced between 2020 and 2022, while the remaining system has been inspected and is functioning well.
The association provides water, sewer, master insurance, cable, internet, grounds maintenance, and pool maintenance. A new roof was completed in 2025, with exterior painting scheduled for May 2026. Unit 201 also received new appliances and fresh interior paint in May 2026. The property is located at 1656 Sunny Brook Lane, Palm Bay, FL 32905, with unit effective dates ranging from 2022-2023.
The association provides water, sewer, master insurance, cable, internet, grounds maintenance, and pool maintenance. A new roof was completed in 2025, with exterior painting scheduled for May 2026. Unit 201 also received new appliances and fresh interior paint in May 2026. The property is located at 1656 Sunny Brook Lane, Palm Bay, FL 32905, with unit effective dates ranging from 2022-2023.
Key Highlights
- 6 fully rented 3‑bedroom, 2‑bath condos totaling 5,484 SF
- Interior laundry rooms with stacked washer/dryers in every unit
- Appliances replaced throughout; updated tile and flooring across all 6 units
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
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased condos feature updated interiors, private laundry rooms, and extensive association-maintained amenities.
Where is this apartment building located?
The property is located at 1656 Sunny Brook Ln 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: 6 fully rented 3‑bedroom, 2‑bath condos totaling 5,484 SF; Interior laundry rooms with stacked washer/dryers in every unit; Appliances replaced throughout; updated tile and flooring across all 6 units
