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.

 

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