2107 Washington St NE, Palm Bay, FL 32905

Presenting an acquisition opportunity of a 21-unit apartment complex that consists of 7 triplexes located in Palm Bay, Florida. Built in 1964, the 7 triplexes are constructed of solid concrete with pitched roofs. Each of the 21 units are two bedroom and one bath floor plans that are 676 square feet. All of the units are separately metered for water and electric. The 21-units are situated within 2 miles of Florida Institute of Technology, a highly regarded graduate and undergraduate university on 130 acres with over 6,000 students, 70% of which are from outside of Florida in need of housing. The property is currently privately owned and managed. The 21 units being offered have been recently renovated and are fully occupied. With the multifamily market being so tight right now, this is a rare opportunity to acquire 21-units that have no deferred maintenance and a turn-key operation at a cap rate of 7.5%.