Downtown Melbourne Investment Opportunity

The site consists of 0.19 acres. It consists of 3 residential rentals, a 2/2, and 2 (two) 1/1's. Please note that the zoning allows commercial, professional, retail, etc. The 4,027 sf project was originally designed for the owner to live on the first floor of the 2-story building on Melbourne Avenue, rent the second floor and also rent out the adjoining apartment facing Waverly Place. There is off street parking for the tenants as well as public parking on Waverly Place. The apartment facing Waverly Place sits above a two car garage that recently received a hurricane rated garage door. The garage, which has a washer and dryer area, can be used by one tenant or all tenants for sharing since the Waverly Unit (1 bedroom/1 bath) has its own stairway entrance. The Melbourne Avenue downstairs unit is a 2 bedroom/2 bath. The Melbourne Avenue second floor has a private stairway entrance inside a vestibule on the Melbourne Avenue entrance and is a 1 bedroom/1 bath. The Historic Downtown Melbourne District is a vibrant, fast growing regional draw for retailers, restaurants and entertainment venues. Recently added to the downtown area is Highline Apartments, under construction on New Haven Avenue. Also two hotels are approved. The Hotel Melby, a Hilton Tapestry Collection boutique hotel is under construction on Strawbridge Avenue and Waverly Place. Aloft Hotel, a division of Marriott, is approved for a new hotel on New Haven Avenue. More new projects are planned and extensive renovation is occurring in the district. We are placing a value on the property improvements which equates to $136.57 per square foot. This investment is an opportunity to obtain residential rental income as well as the appreciation in the value due to a limited supply and a high demand for Downtown Melbourne property. For more information on the Historic Downtown Melbourne District: https://downtownmelbourne.com

Please review the PDF that shows Current Income/Expense and Projected Income/Expense