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1111 Kennedy Ct
Titusville, FL 32780
Kennedy Court · Multifamily Property For Sale
·
64 Units
INVESTMENT HIGHLIGHTS
- Attractive Fannie Mae loan at a 4.65% rate with 7 years remaining on the loan which can be assumed by an experienced and qualified buyer
- Seller has spent nearly $1.4 million in upgrades and improvements since acquiring the property
- Unit mix consists of 97% two-bedroom units
- Property is operating at 100% economic occupancy on the seller’s T-12
EXECUTIVE SUMMARY
A 64-unit, garden-style multifamily community in Titusville, FL. Upgrades Include but are not limited to new kitchens, appliances, flooring, bathrooms in all units, as well as significant exterior improvements (full list of cap-ex can be found in the document vault). Pathway to increase NOI by 37.88% by year two by marginally increasing rents $196 on average over the next two years, while also implementing RUBs to decrease tenant water/sewer consumption and also recapture utility expense. Amenities include an on-site leasing office, lounge, laundry facilities, private fenced patios for each unit, spacious green area with a dog park, grilling stations and a gated entry requiring an access code to ensure tenant privacy and security. Located just minutes from multiple secondary and primary education facilities including Apollo Elementary School, James Madison Middle School, Andrew Jackson Middle School, Titusville High School, Astronaut High School and Eastern FL State College. Less than one mile from US-1, providing convenient access to Space Coast Regional Airport, NASA, Kennedy Space Center Visitor Complex, SpaceX, Blue Origin Rocket Facility as well as local beaches and retail venues
PROPERTY FACTS
| Price Per Unit | $172,924 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 4.39 AC |
| Cap Rate | 7.02% | Building Size | 38,000 SF |
| No. Units | 64 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1966/2023 |
| Property Subtype | Apartment | Parking Ratio | 3.55/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Zoning | R3 | ||
| Price Per Unit | $172,924 CAD |
| Sale Type | Investment |
| Cap Rate | 7.02% |
| No. Units | 64 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 4.39 AC |
| Building Size | 38,000 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1966/2023 |
| Parking Ratio | 3.55/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Picnic Area
- Tenant Controlled HVAC
- Gated
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 400 |
| 1+1 | 1 | - | 500 |
| 2+1 | 62 | - | 580 - 640 |
PROPERTY TAXES
| Parcel Number | 22-35-04-75-00000.0-0006.01 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $7,159,555 CAD |
PROPERTY TAXES
Parcel Number
22-35-04-75-00000.0-0006.01
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$7,159,555 CAD
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