Beds: 4 Baths: 4 SqFt: 2,392
ROI: 12% Repairs: $15k
Off Market Multi-Family in Melbourne! Come quick because you don’t see a lot of these multi-family opportunities come around. This property is a concrete block Quadplex built in 1952 in Melbourne, FL two blocks away from Million Dollar homes on the Indian River. Each unit is a 1 bedroom 1 bath with 598 sqft of living space and is currently occupied at rents of $450/mo each month to month status. Seller has never increased rents, buyer should turn over units and seek new tenants at market rents of $750/mo for each unit. Each unit is in very good condition, all have wall unit A/C, some can use minor touch up , such as painting cabinets, changing the hardware. One units bedroom needs ceiling on the drywall as seller did not finish after adding insulation. Each unit has 50 amp service and I had allocated $12k in repairs (Electrician’s highest estimate) to upgrade to 100 amp service. Taxes $2,800, Insurance $2,400. After Taxes, Insurance, $15k in repairs, and closing costs if you are all in at $250k, ROI with each unit brining in $750/mo is 12.32%. This will make a great addition to anyone’s portfolio, so don’t let miss out.
- 600 Creel St – 4/4, 1,992 sqft, built in 1959 – Sold for $280k – Clean but Dated
- More comps available in the link below!
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