1853 Wabun St Ne #
Property Description
1853 Wabun St NE is a 1.77-acre waterfront development site on the Indian River Lagoon, previously permitted for 35 multifamily units. The entitlement work is done. The site delivers with an approved site plan and utilities in place, which takes rezoning and permitting risk off the table and puts a buyer in position to break ground rather than start a two-year approval fight. The approved plan is a 35-unit community across a mix of 10 one-bedroom, 20 two-bedroom, and 5 three-bedroom units, averaging 1,149 SF. Every unit faces the water, with oversized windows and balconies. The plan also carries 65 parking spaces, four EV charging stations, a resort-style pool, mailroom and parcel lockers, and outdoor grilling areas. Lagoon frontage is the differentiator. Palm Bay has plenty of land. It has very little entitled waterfront. Luxury rents in the market run $1,500 to $2,200, and waterfront units push $2,400 to $3,000-plus. A buyer here is acquiring the scarce side of that spread with the approvals already in hand.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Land/Development |
| Price: | $1,475,000 |
| No. of Units: | 1 |
| Year Built: | 1950 |
| Lot Size: | 1.77 Acres |
| Opportunity Zone: | No |
| Price per unit: | $1,475,000 |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Final Deal Analysis
Similar Properties in the Area
E. Midway Road, E. Weatherbee Road and Silver Oak Drive
Fort Pierce, Florida
5845 – 5885 COLLEGE LN
VERO BEACH, FloridaBrokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout