The Pines at Palm Bay
Closed3016 Pinewood Drive NE, Palm Bay, FL 32905
Property type
Multifamily
Unit / Space count
216
Price
$19,625,000
Building size
166,648 sf
Rentable area
166,648 SF
Year built
1984
Year renovated
Occupancy
Zoning code
Lot size
13.01 Acres
Sold/status
Sold · Date unknown
Sale price
$19625000
Bedroom count
Property description
The Pines at Palm Bay is a multifamily property consisting of 216 units constructed in 1984. The property features 41 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.
Property highlights
- Well Located Value-Add Opportunity in High Growth Part of Florida
- Affordable Community Not Currently Operated in Compliance
- To Be Delivered Free and Clear of any Debt
- All Roofs Replaced Recently.
- Affordable Restrictions Expire in 2034
- Across the Street From a Publix Anchored Shopping Center
- Part of the Surging Space Coast Area with Significant Job Growth on Every Level of the Pay Scale
- Minutes from World Class Beaches