1838 Pineapple Ave Melbourne, FL 32935

This exceptional 11-unit apartment building presents a compelling value-add investment opportunity in Melbourne, Florida's desirable Eau Gallie Arts District. Located at 1838 Pineapple Ave, 32935, this property boasts a blend of historic charm and modern upgrades. The two-building complex, constructed in 1925 and 1964, underwent a complete renovation in 2024, preserving its character while enhancing its appeal. The property features a mix of six one-bedroom/one-bath units, two studios, and three two-bedroom/one-bath units, spread across two two-story buildings on a 0.4-acre lot. Currently operating at 91% occupancy, generating a Net Operating Income (NOI) of $149,390 and a 7.90% cap rate, this property offers significant upside potential. The asking price is $1,890,000, or $171,818.18 per unit. Six units have been fully updated, while five offer a chance to increase revenue through further renovations. The property includes 14 parking spaces and benefits from low-maintenance landscaping featuring artificial grass. The C-1 zoning provides flexibility for future development. This is a rare chance to acquire a stabilized, value-add multifamily property in a thriving arts district, combining historical significance with modern amenities and strong financial performance. The property's current gross income is $170,460.