Real Estate Investment Services

EXCLUSIVE OFFERING

THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap. All rights reserved. (Activity ID: Z0240462)

Venetian apartments | 2545 Indian River Boulevard | Vero Beach | 60 Units

Marcus & Millichap, as exclusive listing broker, is pleased to offer for sale Venetian Apartments, a 60-unit apartment community located in Vero Beach, Florida in the heart of the Treasure Coast.The property was built in 1953 of concrete block and stucco with pitched roofs in a low-density campus style setting. Five of the nine buildings on the property are two-story garden style buildings with screened in porches overlooking a courtyard with frontage on Indian River Boulevard. The other four buildings are one and two stories, two of which are U-shaped and every unit overlooking a well-manicured lawn. The unit mix consists of 27 one-bedroom and one-bathroom units measuring 600 square feet, 24 two-bedroom and one-bathroom units measuring 750 square feet, and seven two-bedroom and two-bathroom units measuring 850 square feet each, and two two-bedroom one and one-half bath townhouse units measuring 850 SF. The buildings sit on a 4.31 acre lot.There is an onsite laundry facility and ample off-street parking. Apartments have central heating and air-conditioning, individual hot-water heaters and select units have private balconies. Residents are required to pay for electricity and telephone, while water, sewer and trash removal are included in the monthly rent.Venetian Apartments is in an in-fill location on a desirable intersection of Indian River Boulevard and Royal Palm Boulevard. Indian River Boulevard is a four-lane north-south boulevard that runs along the Indian River, and Royal Palm Boulevard, a quiet tree lined residential street that winds through the oldest residential section of Vero

Beach. Within two blocks of the subject property, there is substantial retail including The Fresh Market, Publix, TJ Maxx, Ulta Beauty, Jos A. Bank, Panera and Bonefish Grill. Just to the north is the Vero Beach County Club and across the street is Royal Palm Pointe, a peninsula that extends out into the Indian River and features retail, office, residential and entertainment uses. To the east of the subject property is the Vero Isles neighborhood which is a waterfront community that has deepwater, direct access to the Indian River. Residents are able to access the barrier island and the beaches either by the Merrill P Barber Bridge which is a few blocks to the north or by the 17th Street bridge which is less than a mile to the south. The current ownership has invested significant capital into the property during their 17 years of ownership in order to provide the residents with a wonderful place to live and reduce costs for the ownership. The units have real wood cabinets in the kitchens and bathrooms, impact resistant windows and sliding glass doors, all electric appliances, tile floors, five inch baseboards and tile shower surrounds. The property is lushly landscaped, has several parking lots with ample off-street parking and a dedicated laundry building. These updates as well as the irreplaceable location has made the Venetian Apartments one of the most desirable residential communities in Vero Beach.

site DesCriptiOn

OFFerinG sUmmarY

Assessor’s Parcel Number Multiple

Price $5,800,000

Price per Unit $96,667

Price per Gross Square Foot $140.44

Current Cap Rate 4.81%

site DesCriptiOnNumber of Units 60

Number of Buildings 8

Number of Stories 1 and 2

Year Built 1953

Gross Square Foot 41,300

Lot Size 4.31 Acres

Real Estate Investment Services

EXCLUSIVE OFFERING

THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap. All rights reserved. (Activity ID: Z0240462)

RYAN NEE Broker of Record

Ryan.Nee@marcusmillichap.comLICENSE: FL BK 315466

Venetian apartments | 2545 Indian River Boulevard | Vero Beach | 60 Units

inVestment HiGHLiGHts• Well Located in East Vero Beach

• Close Proximity to the Beach, Shopping and Restaurants

• Under Current Ownership for Over 15 Years

• Renovated with Hurricane Impact Windows & Sliders

• 4.3 Acres on High Traffic Corner

• Screened-in Patios and Balconies in Most Units