Ben-InPkg4_Cypress Cove.indd

Cypress Cove, a 50 unit condo offering is located just minutes from the Atlantic Coast on the North
side of Melbourne, Florida. This gated community has excellent drive-by visibility on Wickham Road,
conveniently located in the secluded Suntree Development. Cypress Cove presents investors with
steady rental income and strong capital growth potential in the near team. Cypress Cove is located near
major employers, Harris Corporation and Health First along with the being only 10 minutes to Downtown
Melbourne and 1 Hour from Orlando. Residents have excellent access just east of I-95 and I-4 with direct
routes into Central Miami and Orlando. This luxury 324-unit community received a complete makeover
in 2005, with significant capital injected into the landscaping and common amenities.
Residents are drawn to Cypress Cove’s superior location next to shopping, dining, employment, and
entertainment. This gated community is less than three miles from the Avenue at Viera, and just over one
mile west of the Brevard County Zoo. The community is assigned to excellent public schools, including
“A” Rated Suntree Elementary.
The National Association of Realtors reports that Melbourne property values have increased 19.13% (Aug
2012-August 2013) which ranks in the top 15 fastest recovering real estate markets in the United Sates.
Average occupancy levels across the county have reached 93%. With assets like Cypress Cove selling
below replacement cost, investors are likely to see significant returns as the market continues to improve.
Features
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Lighted Tennis Courts
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Resort Style Swimming Pool
•
Lakeside Surround Sound System
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24-Hour State-of-the-Art Fitness Center
Price: Listed
•
Relaxing Spa
Number of Units: 50 out of 324
•
Tot Lot Playground
Year Completed/Rehabbed: 1990/2006
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Elegant Architectural Styling and Landscaping
Construction Style: Garden
•
Sizable Kitchen
Structure: Stucco
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European-Styled Cabinetry with Oak Trim
Foundation: Concrete Block
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Spacious Bedroom Suites with Walk-in Closets
Number of Buildings: 15 Three story buildings
•
Roomy Bathrooms with Porcelain Sinks
Units per Building: Ranging from 20-24
•
Personal Patios and Balconies
Property Summary
Investment Highlights
•
Condos sold in 2007 at prices above
$300,000
•
Property values up 19.19% from July 2012July 2013 in Melbourne Market
•
Home to Florida Institute of Technology
with an enrollment of 9,000 students (52%
Engineering Majors)
•
Excellent Rental Market bolstered by Harris
Corp. (6400 Employees), Health First
(6000 Employees), and Northrop Grumman
Defense Contractors (2000+ Employees)
•
Boutique restaurants and shopping across
Historic Downtown Melbourne and Viera
Avenue
•
Located inside “A” rated Melbourne School
District
•
97%+ Average Occupancy over 36 month
period
•
Rental Leases in place generating 8% net
returns
•
Closeout Prices - Below Replacement Costs
Location Highlights
Minutes to World Famous
Melbourne Beach
Right off I-95, next to
Suntree Square Mall
Just a hour and a half from
Orlando area attractions
Near Melbourne’s finest
golf courses
Close to Brevard County’s
Major Employers
Economy:
Named By Money Magazine as “The 7th Best Place to Live in America”, the surrounding harbor town of
Melbourne is a sunny tropical paradise brimming with chic boutiques and side walk cafes.
With its winding waterways and nearby East Coast beaches, the harbor town of Melbourne, Florida is a
true dream destination of sun & fun just minutes from Florida’s world-famous Space Coast. Whether
your idea of a perfect weekend is a Sunday picnic by the lake or a spirited match of tennis on the private
courts, Cypress Cove is a true Florida resort getaway with all the trimmings of home.
Melbourne/Brevard County Area at a Glance
Melbourne population in 2010:
78,386
Population change since 2000:
+8.9%
Brevard County population in 2010:
536,357
Estimated median household income in 2009:
$42,360
LARGEST EMPLOYERS
Patrick Air Force Base
EMPLOYEES
12,700
School Board of Brevard County
9,050
Harris Corporation
8,500
Health First, Inc.
6,100
Brevard County
3,137
Northrop Grumman Melbourne Systems
2,180
Rockwell Collins, Inc.
1,477
Intersil Corporation
1,100
CSR Computer Siences Raytheon
1,050
Source: Melbourne Regional Chamber of Commerce
The Space Coast:
When you think of the The Space Coast you naturally think of Atlantic ocean beaches, but what’s amazing
about this area is that the natural wonders only start on the beach. The Space Coast has 20,000 acres
of fresh water rivers and lakes bordered by approximately 170,000 acres of wetlands. Located where
temperate and sub-tropical climate zones meet, you can find animals and plants here that are so rare
they are found nowhere else on earth.
Grab a kayak and paddle alongside manatees or dolphins. Look in the air and you may see Bald Eagles
on the wing or a flock of Roseate Spoonbills resting in a lagoon—two of more than 300 species of birds
here along 40 stops on the Great Florida Birding & Wildlife Trail. Ride on horseback, on a bike, try standup
paddle boarding or just take a walk. It’s only natural that you’ll love the outdoors on the Space Coast.
Points of Interest:
1) Downtown Melbourne (13.2 miles)
2) Kennedy Space Center (33.4 miles)
3) The Avenue at Viera (3.1 miles)- Open-air,
pedestrian friendly shopping destination featuring
premier national retailers, select local merchants and
specialty restaurants.
4) Suntree Country Club (1.4 miles)
5) Brevard Zoo (1.3 miles)- The only zoo in the U.S.
to offer on-site and off-site guided kayaking tours.
6) Orlando and Attractions (52 miles)- Disney,
Sea World, and Universal Studios are just a few of
the attractions available in Orlando.
7) Melbourne Beach (18 miles)
8) Patrick Air Force Base (9.2 miles)
9) Ron Jon Surf Shop (17.7 miles)- Ron Jon Surf
Shop is known for selling the surf, beach and active
lifestyle to visitors from around the world.
10) Cocoa Beach Pier (18.5 miles)- Historical
landmark pier is 800ft long and home to 5 restaurants,
4 bars and features live music entertainment.
11) Space Coast Stadium (5.4 miles)- Spring
training home to the Washington Nationals as well as
permanent home to Brevard County Manatees minor
league baseball team.
12) Miami (184 miles)- Miami is a major center and
a leader in finance, commerce, culture, media,
entertainment, the arts, and international trade.