300 Mercury SE Ave, Palm Bay, FL 32909-3987

This exceptional value-add multifamily investment opportunity presents a 16-unit apartment building situated on a 2.01-acre lot in Palm Bay, Florida. The property, known as Mercury Pines Apartments, is a two-story, single building constructed in 1986 with wood frame and stucco on a concrete foundation. Each of the 16 units offers two bedrooms and one bathroom, spanning 899 square feet. Currently boasting 100% occupancy, the property presents a compelling opportunity to enhance rental income. Two units have already been upgraded to premium finishes, resulting in a 14% rent premium on newly leased units. The remaining 14 units offer significant potential for value enhancement through similar upgrades. The property's strategic location at the southeast corner of I-95 and Malabar Road provides easy access to major thoroughfares, thriving commercial businesses, and other multifamily housing. Its proximity to Health First Hospital and Eastern Florida State College further enhances its appeal. The substantial 2.01-acre lot includes excess land, presenting the possibility of adding desirable common area amenities such as a dog park, gazebos, or playgrounds, to further increase tenant satisfaction and property value. The asking price is $2,750,000, translating to $191.18 per square foot and $171,875 per unit. This property offers a rare chance to capitalize on a strong market and realize significant returns on investment.