THE 1.04 ACRES OF MULTI-FAMILY LAND IMPROVED WITH SINGLE-FAMILY HOMES

Investment Overview

The Subject property consists of two contiguous lots located at 625 and 629 E. Melbourne Avenue, Melbourne, FL 32901. Nestled on the south side of East Melbourne Avenue and bordered to the north by Crane Creek, these lots are conveniently situated just one block south of Downtown Melbourne. This prime location offers easy access to the vibrant amenities of the downtown area, including shops, restaurants, and cultural attractions, making it an ideal spot for both residential and potential redevelopment opportunities. Surrounding land uses enhance the Subject's appeal. To the north, the property is adjacent to a City of Melbourne parking lot and the contemporary Highline Apartments, fostering a lively urban environment. To the south lies Crane Creek and the City of Melbourne Water Treatment facility, providing essential municipal services. The eastern and western boundaries of the Subject are flanked by estate single-family residential properties, contributing to a serene residential atmosphere while maintaining proximity to urban conveniences. This mix of uses creates a balanced neighborhood that supports both living and recreational activities. The Subject encompasses a total of 2.08 acres, with each lot measuring 1.04 acres, as recorded by the Brevard County Property Appraiser. The lots are rectangular in shape, with an approximate width of 171 feet along East Melbourne Avenue. Access to the property is facilitated by a shared driveway that connects directly to East Melbourne Avenue, offering convenient ingress and egress. Both homes on the lots are currently occupied by relatives, but should they be sold separately in the future, the construction of new driveways or the establishment of privacy measures may be necessary to maintain the integrity of the space. Utilities are readily available and well-connected to the Subject property, ensuring a smooth transition for current or future occupants. The lots are equipped with municipal water and sewer services, while Florida Power & Light Company provides electricity. Additionally, a variety of service providers offer telephone and cable/internet services, making the property suitable for modern living standards. The availability of these utilities supports the potential for redevelopment into a multi-family residential project, catering to the growing demand for housing in the area. Topographically, the Subject property is mostly level with the surrounding roadways, although it gently slopes downward toward Crane Creek. The soil conditions are typical for the region and appear adequate for both the existing use and potential multi-family redevelopment. The front of the site is largely clear of vegetation, while the rear area near Crane Creek features some natural greenery. According to the National Wetlands Inventory, no wetlands exist on the property, further simplifying development considerations. Overall, the Subject's topography and access to essential utilities position it as a viable option for both current residential use and future growth opportunities within this thriving Melbourne neighborhood.