Libbyan apartments | 1838 Pineapple Ave
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Libbyan apartments 1838 Pineapple Ave
11 Unit Apartment Building $2,690,415 CAD ($244,583 CAD/Unit) 7.14% Cap Rate Melbourne, FL 32935
Investment Highlights
- Great unit mix
- 5 original units left with upside
- Walkable to Eau Gallie Arts disctrict
Executive Summary
This is a rare opportunity to own 11 units in the sought-after Eau Gallie Arts District at the Libbyan Apartments.Built in 1925/1964, this historic property has been completely renovated, preserving its old-world charm while modernizing its amenities.Six of the 11 units have been fully updated, offering an excellent opportunity for a new owner to renovate the remaining five units and increase rents. The property requires minimal maintenance, featuring artificial grass throughout the grounds.The unit mix is highly attractive, consisting of six one-bedroom, one-bath units,two studios, and three two-bedroom, one-bath units.Currently, the property generates a gross income of $170,460, with one unit vacant. Significant upgrades have already been completed to the property (see list).
This is your chance to capitalize on a unique investment in a vibrant, up-and-coming area. Don’t miss out on owning a fantastic asset with both historical significance and modern comforts.
This is your chance to capitalize on a unique investment in a vibrant, up-and-coming area. Don’t miss out on owning a fantastic asset with both historical significance and modern comforts.
Property Facts
| Price | $2,690,415 CAD | Apartment Style | Low Rise |
| Price Per Unit | $244,583 CAD | Lot Size | 0.40 AC |
| Sale Type | Investment | Building Size | 8,324 SF |
| Cap Rate | 7.14% | Average Occupancy | 82% |
| No. Units | 11 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1925/2024 |
| Property Subtype | Apartment | Parking Ratio | 1.68/1,000 SF |
| Price | $2,690,415 CAD |
| Price Per Unit | $244,583 CAD |
| Sale Type | Investment |
| Cap Rate | 7.14% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Lot Size | 0.40 AC |
| Building Size | 8,324 SF |
| Average Occupancy | 82% |
| No. Stories | 2 |
| Year Built/Renovated | 1925/2024 |
| Parking Ratio | 1.68/1,000 SF |
Unit Amenities
- Air Conditioning
- Washer/Dryer Hookup
Site Amenities
- 24 Hour Access
- Courtyard
- Wi-Fi
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $1,929 CAD | - |
| Studios | 2 | $1,886 CAD | - |
| 2+1 | 3 | $2,669 CAD | - |
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zoning
| Zoning Code | C-1 (Neighborhood Commercial) |
| C-1 (Neighborhood Commercial) |
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Presented by
David Curri Real Estate Group
Libbyan apartments | 1838 Pineapple Ave
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