Current Use by Public Records
- Land
Property Details for 0 Cv And Lee St
- Year built
- 2025
- Property type
- Land
- Property subtype
- Apartment buildings
Description
This exceptional investment opportunity presents a fully approved 48-unit multifamily development in the thriving Port Salerno community of Stuart, Florida. The project boasts complete site plan approval, including architectural and engineering drawings, and a finalized wastewater agreement. Construction is poised to begin immediately following permit acquisition. The development comprises four three-story buildings, offering a mix of unit sizes: 16 units at 1146 square feet and 32 units at 800 square feet, all featuring two bedrooms and two bathrooms with spacious balconies. Total floor area encompasses 57,642 square feet, with 43,904 square feet of climate-controlled space. A payment in lieu of preserve area has been arranged for $180,000, to be paid during the building permit stage. The project incorporates 14 affordable housing units, complying with Martin County code provisions. Detailed financial projections are available, including a purchase price of $1,450,000, estimated build costs of $10,600,000 (including soft costs of $300,000), projected annual gross revenue of $1,267,200, and projected net operating income (NOI) of $823,680. An 18-month build time is anticipated, with a projected post-construction value of $15,030,545 based on a 5.5% capitalization rate. The owners are open to considering an equity partner and remaining involved in the project. This is a rare opportunity to acquire a fully permitted, high-potential multifamily development in a rapidly growing market.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Stuart
- County
- Martin
- State
- Florida
- Longitude
- -80.2033
- Latitude
- 27.1353
