Four triplex buildings on W New Haven Ave

This property is on the NE corner of W. New Haven Avenue and Laila Court which is served by a traffic signal. The tenants are enjoying a very reasonable rent and are on a month to month basis. The current gross income is $52,800 annually with 6 vacancies (due to disrepair) out of the 12. Net income in 2021 was $26,247. The current NOI as of February 2022 is $16,407. The City of West Melbourne has designated a C-N zoning which is a zoning district specific to New Haven Avenue in the City's Community Redevelopment Area (CRA). The City imposes architectural standards while giving a developer some leeway in mixing residential and commercial uses on the same site where appropriate. Four triplexes are owned and are producing income from the residential use. One of the major keys to the value is the 287' of frontage on W. New Haven Avenue (US 192) which is South Brevard County's primary east west artery known for retail, office and restaurant uses. The buyer must seek approval from the City to do major renovations or to change the use from residential (current use) to either office or retail perhaps blended with the existing residential (future use). The site itself has parking for the triplexes. The site provides access easement for a triplex (2262-2266) not owned in the center of the property to the north of 2268-2272. The subject property has its own easements on the parcel not owned. It may be adviseable to assemble the triplex property which is on 0.21 acres and has a 4,160 sq. ft. triplex with similar architecture and construction built in 1980. Further assemblage may be possible to the west and the east.