1702 Riverview Drive, Melbourne, FL 32901

Property Details:

Turnkey Short-Term Rental Opportunity in Downtown Melbourne!This .18 acre property is perfect for investors who want to enter the booming STR market or expand their portfolio. The Riverview was completely remodeled in 2020, offering a modern aesthetic while preserving old-Florida charm.This conveniently located property includes:*A 2/1 cottage with laundry room and screened porch*A 2-story quadplex with three 1/1 apartments, a studio, and a shared laundry room. Intracoastal is visible from 2nd floor.*Buildable C2-zoned corner lot4.97-star rating from 800+ Airbnb reviews. All furnishings, supplies, and website are included in sale.Last 12 months rental income: $205K gross; $160K net. Numbers continue to climb every year! Asking price reflects a 9% CAP rate.

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• 55+ CommunityNo
• Acreage0.18
• Annual Gross Income$204,449
• Annual Net Income$160,709
• Annual Operating Expenses$37,030
• Area330 - Melbourne
• AssumableNo
• Buildings2 Buildings
• CityMelbourne
• Common AmenitiesBarbeque and Laundry
• Community PoolNo
• ConstructionFrame - Wood
• CoolingCentral Air, Electric and Wall - Window
• CountyBrevard
• Cumulative DOM127
• Days On Market127
• Deed RestrictionsNo
• DirectionsFrom 192, turn north onto Riverview Drive. From US1, turn East onto Columbus Avenue.Property is on the SW corner of Riverview Dr and Columbus Ave.
• Elementary SchoolUniversity Park
• Equipment/AppliancesBuilt-In Electric Oven, Built-In Microwave, Cook Top Only, Disposal, Dryer, Electric Range, Laundry-Hookup, Refrigerator and Washer
• Equitable InterestNo
• Expenses IncludeAdvertising, Cable TV, Electric, Garbage, Insurance, Lawn-Landscape Mnt, Pest Control, RE Taxes, Supplies, Telephone and Water-Sewer
• Exterior FinishPainted
• Fixer UpperNo
• FloorTile and Vinyl
• Gated CommunityNo
• General County LocationSouth
• HeatCentral, Electric and Space Heater
• High SchoolMelbourne
• High SchoolMelbourne
• Home Owners AssocNone
• Home WarrantyNo
• Homeowners AssociationNone
• HomesteadNo
• Legal DescriptionPOWELLS RESUBD OF MELBOURNE LOT 1 BLK 9 & VAC ALLEY LYING SE'LY & ADJ AS DESC IN ORB 6428 PG 1160
• List Price/SqFt$793.64 / sqft
• Listing DateFriday, May 26th, 2023
• Listing ID966016
• Listing StatusActive
• Lot DescriptionCorner Lot, East of US1, Historic Area, Paved Street and Sidewalks
• Lot SqFt7,841 sqft
• Manager/Owner OccupiedNo
• Measurements FromTax Rolls
• Middle SchoolHoover
• Number of Units5
• ParkingOpen Parking
• PoolNo
• PossessionClosing
• Possible Financing1031 Exchange, Cash and Conventional
• Private PoolNo
• Prop TypeIncome
• Property StatusStandard
• Property TypeMultifamily
• Rent IncludesCable TV, Common Electric, Electricity, Exterior Maintenance, Garbage, Housekeeping, Insurance, Lawn/Land Mntnce, Maintenance Person, Minor Repairs, Pest Control, RE Taxes, Sewer, Structure Mntnce, Utilities and Water
• RoofMetal
• Security/SafetySmoke/CO Detector
• SourceOwner Provided
• Split BedroomNo
• SqFt - Living2,262 sqft
• SqFt - Total2,480 sqft
• SqFt - Total2,480 sqft
• State/ProvinceFL
• StatusActive
• Street NameRiverview
• Street Number1702
• Street SuffixDrive
• StyleOne Story,Two Story
• Tax Year2022
• Taxes$4,305.75
• UnBranded Virtual TourClick Here
• Use Code08 / MULTIPLE LIVING
• UtilitiesCable Available, City Water, Common Electric, Common Hot Water, Common Sewer, Common Water, Electricity Connected and Sewer Connected
• WaterfrontNo
• Year Built1937
• Zip Code32901
• ZoningC2