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Topaz Village Apartments and Townhomes 150 E University Blvd 229 Unit Apartment Building $40,769,999 CAD ($178,035 CAD/Unit) Melbourne, FL 32901
Investment Highlights
- Current Ownership has Spent Nearly $4.2MM in Capital Expenditures Limiting the Need for Future Expenditures from New Ownership
- Washer/Dryer Connections in Some Units with the Ability to Retrofit Remaining units with Connections and/or Appliances for Additional Upside
- Located 0.3 Miles from FL Institute of Technology University Which Annually Enrolls Over 9,500 Students & Staff
- Ability to Upgrade Classic, Partially Upgraded Units, and Further Enhance Fully Upgraded Units to Obtain Additional Rent Premiums
- Diverse Mix of One, Two and Three-Bedroom Units Featuring Modern, Functional Floorplan Layouts
- Being Offered Free and Clear of Debt Encumbrances
Executive Summary
Franklin Street is proud to present an outstanding investment opportunity in a prime location adjacent to Florida Tech University and just minutes from historic downtown Melbourne. With nearly $4.2 million recently invested in capital improvements, the need for immediate expenditure is minimized, allowing investors to focus on future value enhancement.
The property boasts a comprehensive range of amenities, including resort-style pools, a summer kitchen, and various recreational areas, which enhance its appeal. There is significant potential to increase rents; and the option to upgrade units and install washers/dryers offers additional revenue opportunities. This property is offered free and clear of debt encumbrances, providing investors with a clean slate for financial planning and investment growth.
In summary, this property represents a compelling investment opportunity with substantial value-add potential, excellent location benefits, and a strong tenant demand driven by nearby educational and employment centers. It’s an ideal choice for investors seeking a high-growth asset in a dynamic and promising market.
The property boasts a comprehensive range of amenities, including resort-style pools, a summer kitchen, and various recreational areas, which enhance its appeal. There is significant potential to increase rents; and the option to upgrade units and install washers/dryers offers additional revenue opportunities. This property is offered free and clear of debt encumbrances, providing investors with a clean slate for financial planning and investment growth.
In summary, this property represents a compelling investment opportunity with substantial value-add potential, excellent location benefits, and a strong tenant demand driven by nearby educational and employment centers. It’s an ideal choice for investors seeking a high-growth asset in a dynamic and promising market.
Property Facts
| Price | $40,769,999 CAD | Building Class | B |
| Price Per Unit | $178,035 CAD | Lot Size | 12.68 AC |
| Sale Type | Investment | Building Size | 176,708 SF |
| No. Units | 229 | Average Occupancy | 87% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1976 |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Zoning | R3 - Residantial | ||
| Price | $40,769,999 CAD |
| Price Per Unit | $178,035 CAD |
| Sale Type | Investment |
| No. Units | 229 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 12.68 AC |
| Building Size | 176,708 SF |
| Average Occupancy | 87% |
| No. Stories | 2 |
| Year Built | 1976 |
| Opportunity Zone |
Yes |
| Zoning | R3 - Residantial |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Picnic Area
- Pool
- Property Manager on Site
- Tenant Controlled HVAC
- Gated
- Cabana
- Maintenance on site
- Online Services
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 127 | - | 513 - 600 |
| 2+1 | 19 | - | 700 - 736 |
| 2+1.5 | 78 | - | 1,000 |
| 3+1 | 5 | - | 736 |
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Bike Score®
Very Bikeable (77)
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 CAD | |
| Land Assessment | $0 CAD | Total Assessment | $25,899,398 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$25,899,398 CAD
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Topaz Village Apartments and Townhomes | 150 E University Blvd
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