35 Unit Palm Bay Multifamily Development — Sale in Palm Bay, FL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Commercial Land
  • Location: Palm Bay, FL 32905

Description

Marcus & Millichap is pleased to present this prime multi-family development opportunity in Palm Bay, FL. The site is ideally located directly off US-1, providing quick access to all that Palm Bay has to offer. All 35-Units have frontage of Indian River Lagoon with over-sized windows and large balconies. The property will be delivered with an approved site-plan and utilities in place, making it an ideal development opportunity of a premium community. Palm Bay, FL is a rapidly growing market with a population of about 145,800, median household income of $67,500, and strong demand for upscale housing driven by the Space Coast’s booming tech sector, where jobs grew 41.6% in 2025 and averagee salaries exceed $100K. Luxury apartment rents range from $1,500 to $2,200, with waterfront units commanding $2,400–$3,000+, supported by nearby developments. Major employers include L3Harris, Terran Orbital, and ISO Group, while multiple new projects signal strong absorption and growth potential for high-end multifamily. Investment Highlights: • FRONTAGE ON INTERCOASTAL WATERWAY (INDIAN RIVER LAGOON) • ENTITLEMENTS FOR 35-UNITS, 65 PARKING SPOTS, RESORT STYLE POOL, AND MORE! • AVERAGE UNIT SIZE OF 1,149 SF; ALL 35-UNITS DESIGNED WITH WATERFRONT VIEWS, OVERSIZED WINDOWS, AND LARGE BALCONIES! • LOCATED DIRECTLY OFF US-1, PROVIDING EASY ACCESS TO AND FROM PROPERTY • 10, ONE-BEDROOM UNITS; 20, TWO-BEDROOM UNITS; 5, THREE-BEDROOM UNITS

Market Context

This land in Palm Bay, FL is listed for sale. It has been on the market for 101 days. Compare it against other land listings for sale in Palm Bay, FL — view the full market.

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