Active
89 NW Irwin Avenue
Melbourne FL, 32904
$1,850,000
$239.39 per sqft
Active
8 Beds
8 Baths
7,728 sqft
Multi-family
Built in 1973
11 Units in a Prime Location! New Roof & Windows!
Multi-unit complex perfectly situated in the heart of town, surrounded by major employers, stunning beaches, the Melbourne Mall, and the airport.
The offering includes three properties at 89, 87, and 85 NW Irwin Avenue, consisting of:
8-unit apartment building (each 1 bed/1 bath)
Duplex (each 2 bed/1 bath)
Single-family home (3 bed/2 bath)
Currently generating $15,350 in monthly rental income, with the opportunity to increase to $17,000 monthly as 9 of the 11 tenants are on month-to-month leases. With rents optimized, this property could yield an impressive $204,000 in annual income, equating to a gross cap rate of approximately 11.03%!
Now offered at $1,850,000, this property is not just a solid investment but a strategic opportunity to add value in a high-demand market.
Don't miss out! Properties like this, with location, potential, and value, don't stay available for long.
1028572
MLSⓇ ID
December 10, 2024
Listed
January 3, 2025
Updated
Map
89 NW Irwin Avenue
Melbourne FL, 32904
Interior Features
Total Stories
2
Bedrooms
8
Total Bathrooms
8
Full Bathrooms
8
Appliances
Electric Range, Refrigerator
Floor Description
Tile
Fireplace
No
Cooling
Yes
Cooling Description
Central Air
Heating
Yes
Heating Description
Central
Exterior/Building Features
Lot Size
0.58 Acres
Exterior Features
Impact Windows, Storm Shutters
Lot Features
Few Trees
Roof
Membrane, Shingle
Sewer
Public Sewer
School Information
High School
Melbourne
Elementary School
University Park
Other Property Details
Area Name
331 - West Melbourne
Taxes
$10,134
Tax Frequency
Annually
Garage
No
Parking
Parking Lot
Parking Total
18
View
Yes
View Description
Other
County
Brevard
Water Source
Public
Pool
No
Listing History
Date | Event | Price |
---|---|---|
1/3/2025 | Price change | $1,850,000 -3% |
12/24/2024 | Price change | $1,900,000 -3% |
12/10/2024 | Active | — |
11/27/2024 | Pending | — |
Courtesy of Florida Homes Rlty. & Mtg. LLC, Guy Newman,
Listing Contact: 904-996-9115
All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor The Burgman Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2025 FL - MLS of South Brevard & the Space Coast Association of REALTORS (SPACE). All rights reserved.