This property is Off-Market

101-1101 Turtle Run Drive
Sebastian, FL 32958 ·

150 Units · Multifamily For Sale

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Pelican Isles

Price N/A Property Sub-type Garden/Low-Rise
No. Units 150 Property Use Type Investment
Building Size 153,730 SF Cap Rate 5.11%
Property Type Multifamily Year Built 2005
Listing ID: 14948483 Date Created: 01/10/2007 Last Updated: 02/02/2007

Description

Pelican Isles is located at in Indian River County, in the city of Sebastian, FL. The property is in excellent condition as it was newly constructed in 2005, and represents an excellent opportunity for an investor to acquire the 0.01% general partnership interest in an existing section 42 Low
Income Housing Tax Credit (LIHTC) property. New financing may be possible, as the permanent loan has yet to close. The complex consist of 150 units in 11 two-story garden apartment buildings, plus a community center. Pelican Isles consists of 32 one bedroom / one bathroom units, 78 two bedroom / two bathroom units, 43 three bedroom / two bathroom units. In addition a central clubhouse features an activity room, a computer room, a refreshment center kitchen and a pool. The site has 351 parking spaces including 24 handicap spaces. Construction was completed in 2005 and the property was built in accordance with local, state & federallaws, codes and Federal Fair Housing Act & Americans with Disabilities Act (ADA). The property currently operates under the LIHTC program and has extended use restrictions in place.

Close to Public Park and Beaches This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed
Location Overview The site is located on the east side of Powerline Road, 1/8 mile south of Main Street in the city of Sebastian, in Northern Indian River County, an area known as Florida's Treasure Coast. Sebastian has a population of about 20,000 and a wide range of residential offerings due to its Indian River/Intracoastal waterway and Sebastian River frontage. Indian River County is Florida's largest producer of citrus. Major employers include the School District, Memorial Hospital, Publix and Winn-Dixie supermarkets and Wal-Mart. The neighborhood consists of a small town with influences from agriculture, tourism and seasonal residents, manufacturing, retail and retirees. The area has all the necessary supporting commercial services for residential development and has experienced strong residential and commercial growth. US 1 runs through the area, which is easily accessible to I95 and the Florida Turnpike to the West.

Highlights

  • Located close to retail, parks and public
  • Currently in fill-up since January 2006
  • Constructed in 2005
  • Located in City of Sebastian
  • Close to Public Park and Beaches

Research

101-1101 Turtle Run Drive, Sebastian, FL 32958 (Indian River County)

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