Mercury Ave Pair

Investment Overview

The Mercury Ave pair is a 1.65-acre multifamily development site in Palm Bay: two contiguous lots (0.73 and 0.92 acres) zoned RM-20 with High Density Residential future land use. Multifamily is permitted by right at 20 units per acre, a yield of up to 33 units. The site is zoned but not entitled. No site plan, civil engineering, or building plans are in place, and the buyer will need to complete design, site plan approval, and permitting. Agora Village, one block north on the same Port Malabar plat, is site plan approved for 35 units at 19.6 units per acre on a similar footprint. The lots have about 225 feet of combined frontage on Mercury Ave SE and run 320 feet deep. Both are wooded and unimproved. City of Palm Bay water and sewer are available to both lots. Flood Zone X. RM-20 development standards (Palm Bay Land Development Code): Density: 20 units per acre by right Building height: 70 feet maximum Building coverage: 40 percent maximum, with a 0.8 impervious surface ratio Setbacks: 20 feet front and rear, 15 feet side, each plus 10 feet per floor above two stories Parking: 2 spaces per unit with two or more bedrooms, 1 per one-bedroom unit Common open space and recreation: 20 percent of the site

Investment Highlights

• RM-20 zoning with HDR future land use
• 20 UPA by right, up to 33 units on 1.65 acres
• Zoned, not entitled: buyer to design, entitle, and permit
• Two contiguous lots, about 320 by 225 feet overall
• City water and sewer available, Flood Zone X
• $13,333 per unit at the 33-unit yield