Palm Bay Multi-Family Land
35 Unit Opportunity - Palm Bay Multi-Family Land | 1.77 acres
Marketing description
Marcus & Millichap is pleased to present this prime multi-family development
opportunity in Palm Bay, FL. The site is ideally located directly off US-1, providing
quick access to all that Palm Bay has to offer. All 35-Units have frontage of Indian
River Lagoon with over-sized windows and large balconies. The property will be
delivered with an approved site-plan and utilities in place, making it an ideal
development opportunity of a premium community.
Palm Bay, FL is a rapidly growing market with a population of about 145,800,
median household income of $67,500, and strong demand for upscale housing
driven by the Space Coast’s booming tech sector, where jobs grew 41.6% in 2025
and average salaries exceed $100K. Luxury apartment rents range from $1,500 to
$2,200, with waterfront units commanding $2,400–$3,000+, supported by nearby
developments. Major employers include L3Harris, Terran Orbital, and ISO Group,
while multiple new projects signal strong absorption and growth potential for highend
multifamily.
Investment highlights
FRONTAGE ON
INTERCOASTAL
WATERWAY (INDIAN
RIVER LAGOON)
PREVIOUSLY
PERMITTED FOR 35-
UNITS, 65 PARKING
SPOTS, RESORT STYLE
POOL, AND MORE!
AVERAGE UNIT SIZE
OF 1,149 SF; ALL 35-
UNITS DESIGNED
WITH WATERFRONT
VIEWS, OVERSIZED
WINDOWS, AND
LARGE BALCONIES!
LOCATED
DIRECTLY OFF
US-1, PROVIDING
EASY ACCESS TO
AND FROM
PROPERTY
10, ONE-BEDROOM
UNITS; 20, TWOBEDROOM
UNITS; 5,
THREE-BEDROOM
UNITS
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