1 month on rocket

89 NW Irwin Ave, Melbourne, FL, 32904

$1,955,000

Home List Price

$10,000*

Closing Credit

8 Bedrooms
8 Full Baths
7,728 SqFt
$253/SqFt
Multi

Location

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89 NW Irwin Ave, Melbourne$1,955,000

Buyer Closing Credits

$10,000*

1.25% Loan Amount

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Property Highlights

Home TypeMulti Family
ParkingParking Lot
Year Built1973
HeatingCentral
CoolingCentral Air
ViewOther
MLS #1028572
Lot Size0.58 Acres
StatusActive

About 89 NW Irwin Ave

This exceptional investment opportunity includes 89, 87, and 85 NW Irwin Avenue—a fully renovated, fully occupied complex generating $15,350 monthly in rental income, with the potential to increase rents to $17,000 monthly immediately, as 9 out of 11 tenants are on month-to-month leases. Listed at $1,955,000, the property currently yields an annual income of $184,200, which equates to approximately 9.42%. With increased rents, this could rise to $204,000 annually, or about 10.44%. The complex consists of an 8-unit apartment building at 89 NW Irwin, with each unit featuring 1 bedroom and 1 bathroom; a single-family home at 87 NW Irwin, offering 3 bedrooms and 2 bathrooms; and a duplex at 85 NW Irwin, with each unit providing 2 bedrooms and 1 bathroom. With solid current returns and the flexibility for immediate rental growth, this property presents an ideal addition to any investment portfolio.

Property Details

Property Features

Property Information:

  • Year Built: 1973
  • Stories: 2
  • Living Area: 7,728 SqFt

Listing Office:

  • Office Name: Relentless Real Estate Co.
  • Office Phone: (321) 302-0763
  • Listing Agent: Guy Newman

Interior Features

Interior Information:

  • Appliances: Electric Range, Refrigerator
  • Flooring Type: Tile

Bedroom and Bathroom Information:

  • Full Bathrooms: 8
  • Total Bedroom Count: 8

Exterior Features

Exterior Information:

  • View: Other
  • Exterior: Storm Windows

Parking Information:

  • Attached Garage: No
  • Parking: Parking Lot

Virtual/3D Tour

  • Virtual Tour: 89 NW Irwin Ave
Virtual Tour

Lot Features

Lot Information:

  • Lot: Few Trees
  • Lot Size: 0.58 Acres

Utilities

Utilities Information:

  • Heating: Central
  • Cooling: Central Air

Other

Directions Information:

  • Directions: From 192, turn North on to NW Irwin Avenue. Property will be on the left.

Price Information

Listing Price Info

Price Summary:

  • List Price: $1,955,000
  • Price Per SqFt: $253/SqFt
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Housing Market Comparison

See how this home compares to others in Melbourne, FL.

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Melbourne, FL

City

Med. Sold Price

$420K

Med. Price/SqFt

$236

Avg. Days On Market

65

# of Sold Homes

183

89 NW Irwin Ave vs Melbourne

46 DAYS ON ROCKET

-19 Days

$1,955,000

+$1.5M More

$253/SqFt

+$16 More

KEY TAKEAWAY

This property is $1.5M more than the Median Sold Price and $16/SqFt more than other homes in Melbourne, FL.

Based on homes sold in the last 12 months

MLS Details

MLS Information:

  • MLS Name: Space Coast MLS (Space Coast Association of REALTORS®)
  • MLS Number: #1028572

Listing Office:

  • Office Name: Relentless Real Estate Co.
  • Office Phone: (321) 302-0763
  • Listing Agent: Guy Newman

IDX Copyright © 2024 Multiple Listing Service of South Brevard, Inc. and Space Coast Association of REALTORS, Inc. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity™ Program of Space Coast Multiple Listing Service. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Deemed Reliable But Not Guaranteed. Real estate listings held by brokerage firms other this broker are marked with the Broker Reciprocity™ logo or the Broker Reciprocity™ thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Some properties which appear for sale on this web site may subsequently have sold and may no longer be available.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 12/17/2024, 11:21:07 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

Property Sales & Tax

We're sorry, we currently don't have sales or tax history data for this listing.

Payment Calculator

$9,825

Per Month

Recommended Financing

30-Year Fixed

Rate/APR

7.5% / 6.68%

Total Monthly Payment

$5,928

Schools

Schools Nearby

The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.

Nearby Schools

school-card-donut-4257230
3
/10

  • University Park Elementary School

  • 500 W University Blvd

  • 1.35 miles

  • Public District Grades PK-6

school-card-donut-4257231
10
/10

  • W. Melbourne Elementary School for Science

  • 2255 Meadowlane Ave

  • 1.79 miles

  • Public District Grades PK-6

school-card-donut-4257232
8
/10

  • Educational Horizons Charter

  • 1281 S Wickham Rd

  • 1.92 miles

  • Public Charter Grades KG-6

All data from GreatSchools

Neighborhood

What Are The Neighbors Like?

The neighbors living near this home have an average income of $35,682. The most common annual income of people living in Melbourne, FL is less than $35k. Residents typically live in single, no kids family. The most common level of education of people living in this area is post secondary degree.

All data provided by Home Junction and Claritas

Rocket Homes›Florida›Brevard County›Melbourne›32904›89 NW Irwin Ave

This home is located at 89 NW Irwin Ave in Melbourne, FL and zip code 32904 in the Mona Park neighborhood. This 7,728 square foot home, which was built in 1973, sits on a 0.58 acre lot. Features: 8 bedrooms, 8 bathrooms. It has been listed on Rocket Homes since November 02, 2024 and is currently priced at $1,955,000.

Over 6 listings were sold over their listed price in November 2024 in Melbourne, FL. In the same period over 134 listings were sold below the listed price and 43 listings were sold for the listed price. The inventory of homes for sale in Melbourne, FL between October 2024 and November 2024 increased by 2.9%. The median list price of listings available in November 2024 was $420,005, while the average time on the real estate market was 65 days.

From Rocket Homes Real Estate and based on county public records data.

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