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    451 Thor Ave Palm Bay, FL 32909

    For Sale
    $328,500

    0.73-Acre Multifamily Development

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    365
    This exceptional 0.73-acre parcel in Palm Bay, Florida, presents a unique opportunity for multifamily development. Zoned MF-20, it allows for up to 14 units, capitalizing on the high demand for affordable housing in this thriving area. The property boasts convenient access to major retail establishments including Walmart, Publix, Home Depot, and Lowe's, along with numerous restaurants, ensuring a desirable lifestyle for future residents. Its proximity to I-95 (less than two miles) provides effortless commuting and travel advantages. Water and sewer are available on-site. This site offers a rare opportunity for small developers to enter the multifamily market, leveraging the strong growth in Palm Bay. The potential for rezoning for commercial use also exists, with adjacent parcels available for expansion. The property is offered fee simple, with an asking price of $328,500, and the APN is 29-37-03-26-1988-7. Located at 451 Thor Ave SE, Palm Bay, FL 32909, this property is minutes from miles of river and ocean access. This is a prime investment opportunity in a rapidly growing market.

    Property Features for 451 Thor Ave

    General Information

    Property type
    Multifamily properties
    Lot Size
    31,799 SF

    HighLights

    • Rare multifamily development opportunity in Palm Bay, FL.
    • Excellent location for affordable housing programs.
    • Situated in the rapidly growing Palm Bay market.
    • Convenient access to I‑95 and major retail (Walmart, Publix, Home Depot, Lowe's).
    • Ideal for small developers entering the multifamily market.
    • Full water and sewer utilities on‑site.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

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

    Location Insight

    • Map
    • Local Demand
    City
    Palm Bay
    County
    Brevard
    State
    Florida
    Longitude
    -80.6186611
    Latitude
    27.9895598

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    FAQs

    What type of property is this?
    Multifamily property - 0.73-Acre Multifamily Development
    Where is this multifamily property located?
    The property is located at 451 Thor Ave Palm Bay, FL.
    What is the asking price?
    The asking price for this property is $328,500.
    What are key features of this property?
    This property features: Rare multifamily development opportunity in Palm Bay, FL.; Excellent location for affordable housing programs.; Situated in the rapidly growing Palm Bay market.
    Request Owner's contact information
    451 Thor Ave Palm Bay, FL 32909
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    451 Thor Ave Palm Bay, FL 32909
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