Cove Rd Stuart, FL 34997

Property Details for 0 Cove Rd

Lot size

1.82 lot acres

Property size

42,840 SF

Property type

Apartment buildings

Description

Exceptional investment opportunity: The Hammocks South Townhomes, a Class A, 28-unit apartment building in Stuart, Florida, is now available for $12,392,727. This newly developed multifamily property boasts 42,840 square feet of net rentable space, offering a compelling price per square foot of $289.28 and a pro-forma cap rate of 5.50%. The property generates a pro-forma NOI of $681,600. Situated on a 1.82-acre lot (APN: 51-38-41-003-009-00060-0 and 51-38-41-003-156-0006), this four-building, two-story complex features modern amenities including granite countertops, new cabinetry, and stainless steel appliances in each of the 28 units. The property is zoned R-3A and enjoys a prime location in a rapidly growing area, offering easy access to US-1, shopping centers, state parks, beaches, and major employers in the West Palm Beach market. The Stuart MSA's economy is driven by retail services, hospitality, construction, and government sectors, providing a stable and promising investment climate. This is a rare opportunity to acquire a high-quality, newly developed asset in a thriving South Florida market. The price per unit is $442,597.39. Two additional parking pads are included.