FL > Melbourne
Melbourne, FL 32904,89 NW Irwin AVE
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Melbourne, FL 32904,89 NW Irwin AVE
Melbourne, FL 32904,89 NW Irwin AVE
Melbourne, FL 32904,89 NW Irwin AVE
Melbourne, FL 32904,89 NW Irwin AVE
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Melissa Murphy

Melissa Murphy

+1(772) 925-9138
$ 1,955,000
Est. payment /mo
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Active

89 NW Irwin AVE Melbourne, FL 32904

8 Beds

8 Baths

7,728 SqFt

UPDATED:

12/19/2024 10:59 PM

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 7,728 sqft

Price per Sqft $252

MLS Listing ID 1028572

Bedrooms 8

Full Baths 8

HOA Y/N No

Total Fin. Sqft 7728

Originating Board Space Coast MLS (Space Coast Association of REALTORS®)

Year Built 1973

Annual Tax Amount $10,134

Tax Year 2024

Lot Size 0.580 Acres

Acres 0.58

Property Description

11 Units For Sale! This exceptional investment opportunity includes 89, 87, and 85 NW Irwin Avenue—a fully renovated, fully occupied complex generating $15,350 monthly in rental income, with the potential to increase rents to $17,000 monthly immediately, as 9 out of 11 tenants are on month-to-month leases. Listed at $1,955,000, the property currently yields an annual income of $184,200, which equates to approximately 9.42%. With increased rents, this could rise to $204,000 annually, or about 10.44%. The complex consists of an 8-unit apartment building at 89 NW Irwin, with each unit featuring 1 bedroom and 1 bathroom; a single-family home at 87 NW Irwin, offering 3 bedrooms and 2 bathrooms; and a duplex at 85 NW Irwin, with each unit providing 2 bedrooms and 1 bathroom. With solid current returns and the flexibility for immediate rental growth, this property presents an ideal addition to any investment portfolio.

Location

State FL

County Brevard

Area 331 - West Melbourne

Direction From 192, turn North on to NW Irwin Avenue. Property will be on the left.

Interior

Heating Central

Cooling Central Air

Flooring Tile

Furnishings Unfurnished

Appliance Electric Range, Refrigerator

Exterior

Exterior Feature Impact Windows, Storm Shutters

Parking Features Parking Lot

Utilities Available Cable Available, Electricity Connected, Sewer Connected, Water Available

View Other

Roof Type Membrane,Shingle

Present Use Investment,Multi-Family

Street Surface Asphalt

Road Frontage City Street

Garage No

Private Pool No

Building

Lot Description Few Trees

Faces South

Story 2

Sewer Public Sewer

Water Public

New Construction No

Schools

Elementary Schools University Park

High Schools Melbourne

Others

Senior Community No

Tax ID 28-37-05-02-0000c.0-0006.00

Security Features Fire Alarm,Smoke Detector(s)

Acceptable Financing Cash, Private Financing Available

Listing Terms Cash, Private Financing Available

Special Listing Condition Standard

Space Coast Association of Realtors (Brevard MLS)
Listed by Florida Homes Rlty. & Mtg. LLC

Melissa Murphy

Realtor | License ID: 3248852

+1(772) 925-9138

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89 NW Irwin AVE