4355 38Th Ave Vero Beach, FL 32967

This exceptional 6.68-acre parcel in Vero Beach, Florida, presents a unique multifamily development opportunity. Currently zoned RM-10, this property offers the potential to construct 79 apartments or 66 townhouses, based on existing approvals. The RM-10 zoning allows for potential rezoning to increase density, paving the way for a larger-scale affordable housing project. Located at 4355 38th Ave, Vero Beach, FL 32967, in Indian River County, this site boasts city water and sewer services, and perimeter asphalt roads are already in place. The property is fully entitled for multifamily use, eliminating significant pre-development hurdles. Preliminary estimates suggest approximately 1,250 square foot homes, with a potential cost of $25,000 per unit. New construction costs are estimated between $96.44 and $143.19 per square foot. This is a rare opportunity, as there are no comparable properties within a one-mile radius featuring townhouses with 3 bedrooms, 1+ bathrooms, and 1200-1600 square feet. The asking price for this prime development land is $1,850,000. This investment presents a significant return potential in a desirable Florida location. The MLS number is H10682368.