Property Overview
Price/Rent PSF $ 3,000,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 43,527
Date Available 09/13/2018
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Cocoa Townhomes is a 50-unit community that was constructed in 1963. The current owners have invested significant capital to improve the property including new heating and air conditioning. The average capital improvements per improved unit have been $7,500 for a total of $262,500 plus the 19 new heating and air conditioning units. This has allowed the owners to increase rents and institute a utility participation agreement with new tenants and renewals. This will result in a significant increase in gross and net operating income. During most of 2017, the property had 10 vacancies. Current management has been able to reduce vacancies to 4% and increase rents including a utility participation program for new and renewing tenants. The property is located along North Fiske Boulevard which is a major north-south artery. The Fiske Boulevard location is close to shopping, schools, beaches and employment centers. The community is located 23 miles north of Melbourne and 17 miles south of Titusville. Cocoa Townhomes is located approximately 30 minutes from Patrick Air Force Base, which employs some 6,700 people. Patrick Air Force Base includes some 616 private housing units for military personnel.