Clearmont St NE Tract

Investment Overview

The Clearmont St NE tract is a permit-ready multifamily development site in northeast Palm Bay: 3.52 acres zoned RM-15 with High Density Residential future land use. Multifamily is permitted by right at 15 units per acre, a yield of up to 52 units. Ownership holds an engineered plan set for the tract. The tract is irregular in shape, about 620 feet long and 300 feet at its widest, with about 150 feet of frontage on Clearmont St NE, a four-lane divided road. It is wooded and unimproved. City of Palm Bay water, sewer, and reclaimed water are at the street. Flood Zone X, with no wetland mapped on the National Wetlands Inventory layer. RM-15 development standards (Palm Bay Land Development Code): Density: 15 units per acre by right Building height: 50 feet maximum Building coverage: 40 percent maximum, with a 0.7 impervious surface ratio Setbacks: 20 feet front and rear, 15 feet side corner, 8 feet interior side 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

• Permit-ready development site with an engineered plan set
• RM-15 with HDR future land use: 15 UPA by right, up to 52 units
• 50-foot height limit, 40 percent building coverage
• About 150 feet of frontage on Clearmont St NE, a four-lane divided road
• 0.2 mile from the L3Harris Technologies campus
• Water, sewer, and reclaimed water at the street, Flood Zone X
• $28,846 per unit at the 52-unit yield