Federal Highway & Cove Rd
Stuart, FL 34997
8.81 Acres Multifamily Development Land · Land For Sale
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8.81 AC
INVESTMENT HIGHLIGHTS
- Motivated seller
- Located along highly visible US 1: 33,500 AADT
- Surrounding retailers include Publix, Starbucks, McDonalds, Walgreens, and WaWa
- Rare high-density residential zoning (RM-10)
- Excellent Ingress and Egress via Hydrangea St
PROPERTY FACTS
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Apartment Units |
| Total Lot Size | 8.81 AC |
| Zoning | RM-10 - High Density Residential (Up to 132 Units) |
DESCRIPTION
Located on the Eastern side of US 1 (AADT 33,500) between Salerno and Cove Rd. Near Indian River State College, Cleveland Clinic South, Publix anchored Cove Shopping Center, and retailers including Starbucks, McDonalds, Walgreens, and under construction WaWa and Circle K gas stations. Rare opportunity to purchase one of the last large undeveloped parcels of multifamily development land in fast growing and desirable Martin County Florida. Apartment demand is strong in the area, occupancy is around 98% and rents have pushed up into the $1.25-$1.50 per SF range, with room to grow. RM-10 zoning allows for development of 88 market rate units (10 UPA) or 132 affordable rate units (15 UPA). NAI Southcoast has met recently with the county and they are encouraging residential development. Nik Schroth and Reid Armor can assist a Buyer in coordinating meetings with the county and with guidance through the approval process.
