Banana River Dr., Merritt Island, FL 32952

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Unique waterfront property in beautiful Merritt Island. There is a 5,597 SF multi-family home and a 2,085 square foot single family home on the same parcel across the street. Although Banana River Drive separates the houses, they are in fact on the same parcel. The multi-family property was originally constructed in 1955 and has added additions making it a 7 bedroom, 4 bathroom, 3 story property. Also, just as the pictures show, the multi-family is a waterfront property, and it’s said to have some brilliant views of the SpaceX Rocket launches. This property would make an ideal project for a rehabber looking for a considerable return. We’ve given this one an ARV of $890,000.

The single family house, built in 1989, is a 4 bedroom 2 bathroom, and it’s currently occupied by tenants on a month to month basis, paying $700 per month. This one has an estimated retail value of over $200,000. The included house sits on a canal; however, it does not appear to have access to the Banana River.

A smart play here would be to rehab and list the single family first, then use those proceeds to fund the multi-family rehab. This is an extremely rare opportunity for a seasoned flipper and the summer season is close at hand. Contact us for more information!

Merritt Island, No HOA

Est. Rehab: $250,000 – $255,000

Est. ARV: $1,125,000

  • Address: North Banana River Drive, Merritt Island, Florida 32952 
  • Price: $599,900 
  • Availability: Sold 
  • Listing Type: Single Family 
  • Bedrooms: 4/2 & 7/4 
  • Total Square Feet: 7682 
  • Year Built: 1955 

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