89 NW Irwin AVE Active Save Request In-Person Tour Request Virtual Tour
Melbourne,FL 32904
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
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