1201 Columbia Way Cocoa, FL 32922

Property Details for 1201 Columbia Way

Property type

Residential income homes

Description

This exceptional investment opportunity presents an 11-unit single-family rental portfolio situated throughout Brevard County, Florida. The portfolio boasts a current 7.26% cap rate and a pro-forma cap rate of 8.13%, generating a current NOI of $171,589 and a pro-forma NOI of $192,200. Currently 100% occupied, this portfolio offers significant upside potential due to below-market rents, allowing for organic rental increases to boost net operating income. The properties are strategically located in desirable areas of Cocoa, Melbourne, Titusville, Palm Bay, Mims, and Merritt Island, offering convenient access to I-95, major employers, hospitals, schools, and shopping centers. Individual properties are priced at $215,000 per unit, representing a compelling value proposition, with several units estimated to be worth approximately $300,000. Over $200,000 in capital expenditures have been invested in the past two years, encompassing HVAC replacements, roof repairs, appliance upgrades, and cosmetic improvements, ensuring the portfolio's long-term viability and minimizing future maintenance needs. This portfolio is an ideal investment for those seeking strong cash flow and significant appreciation potential in a thriving Florida market. The asking price for the entire portfolio is $2,365,000. The portfolio includes properties located at various addresses across Brevard County, including Cocoa (32922, 32926), Melbourne (32904), Titusville (32796, 32780), Palm Bay (32907), Mims (32754), and Merritt Island (32953).