This is a three-building, mixed-use income property consisting of 35 total residential and commercial units. There are 3 commercial units and 32 residential units. Multi-Family Suites: 16 Studio Efficiencies 12 One-bedroom Units 4 Two-bedroom Units The current occupancy is over 95%.
The Village Greene Condominiums is a 132 out of 247-unit bulk condominium offering located in Cocoa, Florida which is in Brevard county on Florida' s Space Coast. The project was completed between 1964 and 1973 and is constructed of concrete block with pitched roofs. Originally built as an apartment community, the property was converted to condominiums in 1981. The property is well positioned at the intersection of Clearlake Road and Dixon Boulevard in Cocoa, Florida, with a combined daily traffic count of 30,600 vehicles per day. Interstate-95 and Highway US-1 which are major arterial roads are both less than 4.5 miles away. State roads 520 and 528 also offer ease of commute to Orlando and the Interstate-95 corridor. Winn-Dixie, Wal-Mart Supercenter, McDonald' s and Sonic Drive-In are conveniently located less than one mile from the property along with a Walgreens within a one-mile radius. Local area attractions include the Cocoa Beach Country Club, Cape Canaveral Seashore, the famous Kennedy Space Center, several wildlife reserves and parks, including Merritt Island National Wildlife Refuge, Black Point Wild Life Drive, and the Enchanted Forest Sanctuary just to name a few.
The 6 units being offered at 433 Whaley Street is an opportunity for an investor to acquire a cash-flowing asset with an in-place cap rate of 11.4%! With land that allows an investor to build up to three more residential units and amenities to maximize the revenue potential, this is a truly unique opportunity for a short term hold on a cash flowing asset with an exit in less than three years to recognize a very healthy profit as the Multifamily transaction market strengthens in Brevard County.