1838 Pineapple Avenue, Melbourne, FL 32935

$900,000

Virtual Tour

https://www.propertypanorama.com/instaview/spc/970834

Property Type: Residential Income Square Footage: 5,956 Lot Size (sq. ft.): 8,712 Status: Closed

Current Price: $900,000 List Date: 7/25/2023 Last Modified: 4/21/2025

Overview

Description

Discover an incredible investment opportunity with this 8-unit property! Nestled in the heart of the historic Eau Gallie Arts District, this gem of a building once known as The Libbyan in the 1920s is now ready to be a lucrative addition to your real estate portfolio. Recent renovations, including Electric in 2022, Sewer Lateral Line in 2021, and Roof in 2014, provide peace of mind for a savvy investor seeking a well-maintained property. Spanning across 5,956 SF, this investment property offers a mix of One Bedroom and Studio Units, appealing to a wide range of potential tenants. With Gross Rents totaling over $81,000 annually, and rental rates with room to grow this property offers a solid investment with increased potential.

Listing Details MLS# 970834

General Property Information

Number Of Units Total: 8
Living Area: 5924
Living Area Source: Other
Building Area Total: 5956
Year Built: 1925
Garage YN: No
Carport YN: No
Open Parking Spaces: 8
Parking Total: 8
Lot Size Acres: 0.2
Lot Size Square Feet: 8712
Association YN: No
Use Code: 08 / MULTIPLE LIVING
Water Body Access YN: No
Waterfront YN: No
Pool Private YN: No
List Price/SqFt: 166.27
Sold Price/SqFt: 151.92

Property Features

Appliances: Gas Range; Refrigerator Construction Materials: Frame; Stucco; Wood Siding Cooling: Central Air; Wall/Window Unit(s) Financial Data Source: Owner Flooring: Tile; Wood Levels: Two Listing Terms: Cash; Conventional Lot Features: Few Trees; Historic Area Owner Pays: Electricity; Gas; Grounds Care; Insurance; Management; Pest Control; Sewer; Taxes; Trash Collection; Water Parking Features: Assigned Pool Features: None Roof: Membrane Special Listing Conditions: Standard Utilities: Separate Electric Meters; Sewer Connected; Water Available; Propane Water Source: Public Showing Considerations: Occupied Showing Requirements: Appointment Only; Call Listing Office

Contract Information

Original List Price: 985000
Listing Contract Date: 2023-07-25
Property Sub Type: Multi Family

Location Tax and Legal

Street Number: 1838
Street Name: Pineapple
Street Suffix: Avenue
County: Brevard
State: FL
Postal Code: 32935
MLS Area Major: 323 - Eau Gallie

Remarks and Miscellaneous

Public Remarks: Discover an incredible investment opportunity with this 8-unit property! Nestled in the heart of the historic Eau Gallie Arts District, this gem of a building once known as The Libbyan in the 1920s is now ready to be a lucrative addition to your real estate portfolio. Recent renovations, including Electric in 2022, Sewer Lateral Line in 2021, and Roof in 2014, provide peace of mind for a savvy investor seeking a well-maintained property. Spanning across 5,956 SF, this investment property offers a mix of One Bedroom and Studio Units, appealing to a wide range of potential tenants. With Gross Rents totaling over $81,000 annually, and rental rates with room to grow this property offers a solid investment with increased potential.

Status Change Information

Major Change Timestamp: 2023-08-21T15:38:42Z
Major Change Type: Status Change
Status Change Timestamp: 2023-08-21
Purchase Contract Date: 2023-07-28
Close Date: 2023-08-19
Close Price: 900000

More Information

Income and Expenses

Gross Scheduled Income: 81240
Net Operating Income: 56565
Operating Expense: 24675

Historical Information

Public Historical Remarks 3: Number of Buildings: 1 Building

Listing Office: JM Real Estate

Last Updated: April - 21 - 2025

Information is deemed to be reliable, but is not guaranteed.