1853 Wabun Street NE - Palm Bay Multi-Family Land 1.77 Acres of Commercial Land Offered at $1,495,000 in Palm Bay, FL 32905

1853 Wabun St NE is a 1.77-acre waterfront development site on the Indian River Lagoon, previously permitted for 35 multifamily units. The entitlement work is done. The site delivers with an approved site plan and utilities in place, which takes rezoning and permitting risk off the table and puts a buyer in position to break ground rather than start a two-year approval fight.
The approved plan is a 35-unit community across a mix of 10 one-bedroom, 20 two-bedroom, and 5 three-bedroom units, averaging 1,149 SF. Every unit faces the water, with oversized windows and balconies. The plan also carries 65 parking spaces, four EV charging stations, a resort-style pool, mailroom and parcel lockers, and outdoor grilling areas.
Lagoon frontage is the differentiator. Palm Bay has plenty of land. It has very little entitled waterfront. Luxury rents in the market run $1,500 to $2,200, and waterfront units push $2,400 to $3,000-plus. A buyer here is acquiring the scarce side of that spread with the approvals already in hand.