Palm Bay Multi-Family Land
Land | 1.77 acres
Marketing description
1853 Wabun St NE is a 1.77-acre waterfront development site on the Indian River Lagoon, previously permitted for 35 multifamily units. The entitlement work is done. The site delivers with an approved site plan and utilities in place, which takes rezoning and permitting risk off the table and puts a buyer in position to break ground rather than start a two-year approval fight.
The approved plan is a 35-unit community across a mix of 10 one-bedroom, 20 two-bedroom, and 5 three-bedroom units, averaging 1,149 SF. Every unit faces the water, with oversized windows and balconies. The plan also carries 65 parking spaces, four EV charging stations, a resort-style pool, mailroom and parcel lockers, and outdoor grilling areas.
Lagoon frontage is the differentiator. Palm Bay has plenty of land. It has very little entitled waterfront. Luxury rents in the market run $1,500 to $2,200, and waterfront units push $2,400 to $3,000-plus. A buyer here is acquiring the scarce side of that spread with the approvals already in hand.
Investment highlights
- 35 entitled units on 1.77 acres of waterfront land
- Approved site plan and utilities in place - ready to break ground
- Eliminates rezoning and permitting risk
- Located on Indian River Lagoon with 100% waterfront units
- Mix of 10 one-bedroom (843 SF), 20 two-bedroom (1,222 SF), and 5 three-bedroom (1,460 SF) units
- 5-story building approved
- Every unit faces the water with oversized windows and large balconies
- Resort-style pool and outdoor grilling areas
- On-site parking with EV charging
- Mailroom and parcel lockers
- Space Coast tech employment grew 41.6% in 2025 with average salaries over $100K
- L3Harris investing $180M into two new Palm Bay facilities, adding 200+ jobs at $105K+ salaries
- Terran Orbital expanding aerospace manufacturing operations
- Rogue Valley Microdevices with CHIPS Act funding for new microelectronics facility
- Apis Cor building out 3D construction printing operations locally
- Waterfront units command $2,400-$3,000+ rents vs. $1,500-$2,200 for luxury non-waterfront
- Growing population of 103,482 within 5 miles, up 17.9% since 2010
- Median household income of $74,157, projected to reach $84,366
- 3.0% unemployment rate - tight labor market
- Median home value of $301,022 favors renting
- $5B+ aerospace capex active across Space Coast
- Port Canaveral FY 2025 record of 8.6M passengers, up 13%
- Melbourne Airport 652K+ passengers (3.1 miles away)
- $25.96M tourism tax collections - record year FY 2024-25
- Directly off US-1 in the path of Space Coast growth
- Near Ashton Park 1,500-acre master-planned community
- Near The Compound 2,300-acre redevelopment bringing industrial, commercial, retail, and restaurant space
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