Description
The Grove has been decisively re-priced to $4.99M, creating one of the most compelling stabilized multifamily opportunities currently available in Northwest Florida. The seller is prioritizing qualified buyers capable of executing a Q1 closing . The Grove is a 100% occupied, 44-unit apartment community that delivers strong in-place cash flow, immediate upside through a light value-add program, and long-term development optionality. Units lease in approximately one week, underscoring the depth of rental demand in this market. At the new price, the property offers: * $4.99M Purchase Price * In-Place NOI: $383,133 * 7.66% Takeover Cap Rate * 8.56% Year-One Cap Rate (NOI modeled with updated property taxes and a new insurance quote) This is not a heavy lift or speculative repositioning. The current owner has already demonstrated rent growth on-site, providing clear proof of concept for the next phase of upside.
-
0BEDS
-
4.43ACRES
-
0BATHS
-
01/2 BATHS
-
51,814SQFT
-
$96$/SQFT
School Ratings & Info
Description
The Grove has been decisively re-priced to $4.99M, creating one of the most compelling stabilized multifamily opportunities currently available in Northwest Florida. The seller is prioritizing qualified buyers capable of executing a Q1 closing . The Grove is a 100% occupied, 44-unit apartment community that delivers strong in-place cash flow, immediate upside through a light value-add program, and long-term development optionality. Units lease in approximately one week, underscoring the depth of rental demand in this market. At the new price, the property offers: * $4.99M Purchase Price * In-Place NOI: $383,133 * 7.66% Takeover Cap Rate * 8.56% Year-One Cap Rate (NOI modeled with updated property taxes and a new insurance quote) This is not a heavy lift or speculative repositioning. The current owner has already demonstrated rent growth on-site, providing clear proof of concept for the next phase of upside.
© 2026 Space Coast Association of REALTORS®, Inc. The data relating to real estate for sale or lease on this web site comes in part from the Brevard County Broker Reciprocity Database. Real estate listings held by brokerage firms other than Dale Sorensen Real Estate are marked with the IDX logo and detailed information about them includes the name of the listing broker. Information is deemed reliable but is not guaranteed accurate by the MLS or Dale Sorensen Real Estate.IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated: 2026-03-08T12:09:08.767.