The Pines at Palm Bay

09-10-2021
09-10-2021

3016 Pinewood Dr NE, Palm Bay, FL 32905

  • Well Located Value-Add Opportunity in High Growth Part of Florida
  • To Be Delivered Free and Clear of any Debt
  • Affordable Restrictions Expire in 2034
  • Affordable Community Not Currently Operated in Compliance
  • All Roofs Replaced Recently.
  • Across the Street From a Publix Anchored Shopping Center

Property Description

The Pines at Palm Bay is a multifamily property consisting of 216 units constructed in 1984. The property features 42 total buildings with newer pitched shingle roofs. All the buildings are two story buildings. The Pines as Palm Bay is well-located and only minutes from Downtown Melbourne, Melbourne Beach and major employers. Amenities include laundry facilities, 2 swimming pools, and a currently unused clubhouse. A few minutes North is Florida Institute of Technology University, which annually enrolls over 7,000 students and staff members. Nearby employers include L3 Harris (8,400 employees), Northrop Grumman (3,000 Employees), Patrick Air Force Base (10,000 Employees), Kennedy Space Center (10,000 Employees), Orlando-Melbourne International Airport (6,000 Employees), and Health First Medical Group (500+ Employees). The Pines at Palm Bay offers an investor the opportunity to acquire a strong value-add asset in an excellent location within Florida’s space coast.  The property has a Land Use Restriction Agreement (LURA) in place. The current ownership was not operating under these restrictions, but is in the process of beginning to put the property into compliance. Details of the compliance are in the financial section of the marketing materials.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multi-family type
Garden Style
No. of Units
216
Year Built
1984
Building Size
166,648 Sq ft
Opportunity Zone
Off
Price per unit
$ 0
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